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2023-08-31-accounts

Charity Registration No. 1076483

Company Registration No. 03779985 (England and Wales)

LANCING COLLEGE LIMITED DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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LANCING COLLEGE LIMITED

CONTENTS

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||||||||| |---|---|---|---|---|---|---|---| |Page| |Company|information|1-2| |Directors’|report,|Strategic|report and|the|Directors’|3-32| |responsibility|statement| |Independent|auditor's|report|33|-|36| |Consolidated|statement|of financial|activities|37| |Company|statement|of financial|activities|38| |Consolidated|and|Company|Balance|Sheet.|39| |Consolidated|cashflow|statement|40| |Notes|to|the|financial|statements|of the|Company|41-71|

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LANCING COLLEGE LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2023

Governors M R Slumbers (Chairman)
Mrs A-M Edgell (Deputy Chair, resigned 23 June
2023)
D E Austin
Mrs. J Brown
Mrs P Cleeve (appointed 22 June 2023)
R Crawford Clarke
AD
Fairclough
ProfM J G Farthing
Dr S Godward (resigned 17 March 2023)
T J P Hancock
JB Higgo
Mrs C Houston (resigned 23 June 2023)
TheVenL Irvine-Capel (appointed 21 April 2023)
H C R Lawson
Ms H O’Sullivan (resigned 23 June 2023)
JA Scott
Ex-Officio Provost The Rt Revd C J Meyrick, Bishop of Lynn
Secretary and Clerk Mrs H Betts
Charity No. 1076483
Company No. 03779985
Principal address and Registered Office Lancing College
Lancing
West Sussex
BN15 ORW
Key Management Personnel
Head DT
Oliver
Bursar MB
Milling CA
Auditor RSM UKAuditLLP
Portland
25 High Street
Crawley
RH10 1BG
Bankers Barclays Bank plc
1 Churchill Place
Canary Wharf
LondonE145HP

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LANCING COLLEGE LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2023

Solicitors

DMH Stallard LLP Griffin House 135 High Street Crawley West Sussex RH10 1DQ

Veale Wasborough Vizards LLP Narrow Quay Bristol BS1 4QA

Insurance Brokers

Investment Advisers

Marsh 1 Tower Place West Tower Place London EC3R 5BU

Rathbone Brothers Plc 8 Finsbury Circus London EC2M 7AZ

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LANCING COLLEGE LIMITED DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

The directors present their report and financial statements for the year ended 31st August 2023 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and Strategic Report, under the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE INFORMATION

The College is the senior school of The Woodard Corporation and was founded by Nathaniel Woodard in 1848 to provide education. The company, Lancing College Limited, was formed in 1999 and is registered with the Charity Commission as charity number 1076483. The charity is a limited liability company and wholly owned subsidiary of The. Woodard Corporation (charity number 1096270). The charitable company is incorporated in the United Kingdom. Lancing Preparatory School at Hove (formerly Mowden School) was acquired in September 2002 and is part of Lancing College Limited. Lancing Preparatory School at Worthing Limited (formerly Broadwater Manor School) was acquired in January 2014 and is a fully owned subsidiary of Lancing College Limited.

Note 33 provides details of connected charities and subsidiary companies.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The company is governed by Articles of Association as adopted by Special Resolution dated 20 March 2013 replacing those dated 6 July 2005, amended by special resolution dated 25 January 2006. They permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. The Articles of Association forbid the distribution of any property or funds, which are to be applied solely towards the promotion of the objects of the company.

Governing Body

The directors of the company are also Governors and charitable trustees for the purpose of Charity law. They comprise the Governing Body of Lancing College and are elected to hold office for five years. Any retiring director may be re-appointed. It is the collective responsibility of the Governing Body to ensure that the College is fit for purpose and to determine and support its strategic direction in order to enable it to attain its stated objectives. The Governing Body met three times during the year. Lancing Preparatory School at Worthing Limited and Lancing Preparatory School at Hove are governed by the Governing Body of Lancing College. The charitable Group has made qualifying third-party indemnity provisions for the benefit of its trustees during the year. These provisions remain in force at the reporting date.

Recruitment and Training of Governors

Certain Governors are also Fellows (members) of The Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects. Governors are recruited on the basis of nominations from College contacts when a post becomes available. The Governing Body looks to ensure a mix of skills and select new Governors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Governors are provided with induction training by the Head, Bursar and other staff, and a wider programme of training events is offered by The Woodard Corporation. The College also provides professional training on relevant subjects for its Governors and encourages them to attend events run by the Association of Governing Bodies of Independent Schools (AGBIS).

Where possible the Governors consider that the skills and experience of the Governing Body should comprise the following:

At least two Governors with a legal background

At least two Governors with a financial background

At least two Governors with education experience

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A Governor with experience of property and buildings

A Governor with senior managerial or business experience

A Governor with an arts background

A Governor with experience of equal opportunities and disability needs

Atleast one female Governor and at least one male Governor

Any one Governor may have more than one of these skills.

Volunteers

Governors are volunteers providing their time for free to support the governance of the school. The school also relies on a number of others to undertake volunteer roles including chapel guides, some classroom assistants and some archive assistants. The College also has a number of volunteer groups helping the College to raise funds and assisting in College events. The Governing Body would like to thank all these volunteers for their help.

Organisational Management

The Governing Body operates through a number of committees. Membership of each committee is outlined on page 31. The Governors, together with the senior executives, determine the strategy of the school. Finance and General Purposes Committee — this committee has a remit to scrutinise budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers financial policies and financial regulations. It makes recommendations to the Governing Body for approval. The Finance and General Purposes Committee met three times during the year.

Membership and Nominations Committee — this committee has delegated responsibility for identifying, récruiting and proposing new members of the Governing Body and for their induction, support and development. The Membership and Nominations Committee met twice. during in the year.

Governors and Staff Liaison Committee — this committee was formed to facilitate further good relationships between the Governing Body, its appointed executives and the employees of the College through the sharing of ideas and information. It is not the intention that the Committee should replace éxisting channels of communication between employees, the Governing Body and its appointed executives, but rather that it should enhance them. The Governors and Staff Liaison Committee met twice during the year.

Education Committee — this committee supports the Heads of the senior school and the prep schools to review the quality and consistency of the education provided to pupils and to advise the Governing Body about the education provision and development of all three schools. The Education Committee met three times during the year.

Investment Committee — this committee was formed to monitor the risk profile and performance of the investments held by the College and The Foundation. The Investment Committee met twice during the year. See Investment Performance and Policy and Objectives below.

Sustainability Committee — this committee was formed during the year and met three times. Its aim is to create a sustainable family of schools which uses the world’s resources in a responsible manner and to ensure first-rate stewardship of the wonderful estate.

The day-to-day management of the school is delegated to the Head and the Bursar as the Key Management Personnel, overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration is undertaken within the policies and procedures approved by the Governors, which require that significant expenditure decisions and major capital projects be referred to the Governors for prior approval.

The Head oversees the recruitment of all educational staff and the Bursar oversees the recruitment of administrative and non-teaching support staff. The Head and Bursar are invited to attend Governors’

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LANCING COLLEGE LIMITED

meetings together with the Heads of the prep schools.

The remuneration of Key Management Personnel is set by the Governing Body, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

Group Structure and Relationships

The College has a wholly owned non-charitable subsidiary, Buxbrass Limited, the activities and trading of which are described in note 4. Note 33 provides details of connected charities. Lancing College Preparatory School at Worthing Limited (formerly Broadwater Manor School) is.a fully owned subsidiary of Lancing College Limited. Lancing Prep at Hove is part of Lancing College Limited. Little Lancing Day Nursery and Forest School opened on the site of the former Sussex Pad in September 2019 and responsibility for its finances and regulatory compliance was transferred from Lancing College Limited to Buxbrass Limited during 2021/22. The Board of Buxbrass includes three Governors and an independent member.

The College has developed links with a wide range of organisations to ensure the widest possible access to its facilities and schooling. Through membership of HMC/ ISC/ IAPS/ ISBA/ AGBIS, and through networking with peer Groups, the College has access to third party support and guidance to assist it to attain the highest standards of quality and performance. There is a very active and illustrious Foundation Council that works closely and productively with the Foundation Office. Under the overall heading of The Lancing Society, there is a thriving alumni group and the College also has three parents’ associations; a combined Lancing College Parents Association for current and former parents, the Lancing Prep at Hove Parents’ Association and the Lancing Prep at Worthing Parents’ Association. All of these groups are generous in supporting the work of the College and their support is greatly appreciated. The College also co-operates with many local charities in its ongoing endeavours to widen public access to the schooling that it provides, to optimise the educational use of its cultural and sporting facilities and to awaken in its pupils an awareness of the social context of the all-round education they receive at Lancing College.

Lancing College Chapel, which is Grade 1 listed and is an important building in its own right, is supported by two separate charities. The Friends of Lancing Chapel (charity number 241403) works closely with the College to raise funds for the maintenance of the fabric of Lancing Chapel. The Friends also make it possible for the Chapel to be open to the public throughout the year and they arrange guides and tours for visiting parties. In addition, The Lancing College Chapel Trust (charity number 1111036), was formed to promote the religious, educational and charitable work of the Church of England by acquiring, preserving, maintaining and developing Lancing College Chapel and in this way to benefit the local and national community. The ownership of the Chapel was transferred to The Lancing College Chapel Trust on 23 May 2008 at a nil cost. A public appeal to raise the residual funds required to complete the Chapel building was launched in September 2019 and, following successful completion of the new west porch, it was dedicated in a formal ceremony on 23 April 2022.

Employment Policy

The College is an equal opportunity organisation and is a friendly, ethical, vibrant and outward-looking place to work. It acts with integrity and treats all with respect, valuing diversity and rejecting discrimination. The College is fully committed to creating and promoting a diverse and inclusive workforce that reflects both its local community and its cosmopolitan student body. Job applications are welcome from all suitably qualified candidates regardless of ethnicity, religion, sexuality, gender, age or disability and applications from under-represented Groups are particularly encouraged. The College will make reasonable adjustments to meet the needs of staff or pupils who are, or who become, disabled.

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LANCING COLLEGE LIMITED

Employee Information

The SACOS (‘Salaries and Condition of Service”) Group, which consists of employees from various parts of the College, meets with the Head Master, the Bursar, the Senior Deputy Head and the HR Manager termly. In 2020, a new parallel Support Staff SACOS Group was introduced to give a greater voice to support staff. In conjunction with the Governor and Staff Liaison Committee these groups provide forums for Governors and senior management to brief and update employees and to encourage their involvement in strategic and tactical decision making. investment Policy and Objectives The company’s memorandum and articles of association permit funds to be invested in such manner as the directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the charitable objects and in a manner that is legally charitable.

Investment activities are managed in line with the requirements of the Trustee Act 2000. Rathbone Brothers Pic were appointed the College’s investment manager in 2020. The College’s investment objectives are to preserve the capital value of investments in real terms and maximise the return and income on all investments within the parameters set by the Governors and agreed with the investment manager.

The investment manager has discretion about how the invéstments are managed within parameters set by the Governors with a low to medium risk profile. Funds not invested aré held on deposit to earn interest.

CHARITABLE OBJECTIVES, AIMS AND ACTIVITIES

Charitable Objects

The charity’s objecis, as set out in the Articles of Association, are to promote and extend education (including spiritual, moral, social, cultural and physical education) in accordance with the doctrines and principles of the Church in the Diocese of Chichester.

Intended Impact and Public Benefit

Lancing College is a Christian foundation in the Anglican tradition. Lancing College Limited is a charitable trust, which seeks to benefit society through the pursuit of its stated aims. It is a subsidiary of The Woodard Corporation. The College’s charitable objectives are ‘to promote and extend education’, and these objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The Woodard Corporation, and all of the schools it owns, are charitable bodies, with no external shareholders and no possibility of making distributions, including in the form of dividends. All surpluses are re-invested in education.

Lancing College, set in outstanding countryside and housed in fine buildings, educates boys and girls to develop a love of learning and to reach their full potential, enriched by the arts and physical activities. The College’s public benefit aim is to prepare young men and women of vision and integrity to be of service to their fellow human beings.

In setting the College’s objectives and aims and planning its activities, the Governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act. Fees are set at a level to ensure the financial viability of the College over the medium term and at a level that is consistent with its aim of providing a first-class education to all pupils.

Lancing College welcomes pupils from all backgrounds and religions. To admit a prospective pupil the College needs to be satisfied that it will be able to educate and develop the pupil to the best of their

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potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy the College and parents that potential pupils can cope with the pace of learning and benefit from the education provided. An individual's economic status, gender, ethnicity, race, religion, sexuality or disability do not form part of the assessment processes.

The College is a part of a wider community and it is keen that staff and pupils participate in that wider community. The College also supports a range of educational activities for the benefit of local children attending state schools and their teachers. The Governors are committed to developing the existing programme of cooperation and joint working with local maintained sector junior and secondary schools.

Woodard and its schools provide a significant benefit to the public. The College strives to ensure that measures of public benefit are appropriate, and that significant sections of the public.are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. The College's bursary programme creates a social asset without cost to the Exchequer. In addition to significant provision of bursaries (including a number of 110% Transformational. Bursaries — more information on this Foundationer Programme can be found below and.on:the College website) and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled “Review of Achievements and Performance for the Year” below.

Parents of pupils at the school often make significant sacrifices to pay the fees. In educating around 840 UK based pupils, parents help to relieve the State of the financial burden of paying for their children’s education. The saving to the public purse is estimated to have had a value in the last year of £5.9m.

Unlike schools in the maintained sector, the school is unable to recover the VAT on most of ‘the purchases that it makes. During the past year, an estimated £1.6m of VAT was paid on goods and services.

it is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the: charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of Woodard is incidental to delivery of the charitable objectives.

Aims

The aims of the College are:

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DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

Objectives for the Year

This year the focus has been on the following:

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LANCING COLLEGE LIMITED DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

Principal Activities of the Year

The principal activity of the College is the delivery of education to pupils ranging from 2 to 18 years of age. The College also runs a separate nursery educating babies to pre-schoolers and hosts a number of summer school activities. The College is open at other times for use by the local community.

Pupil numbers at the College during the year were as follows:

2022/23 2021/22
Senior school 604 600
Hove Prep 187 179
Hove Pre-Prep 104 113
Worthing Prep 133 121
Worthing Pre-
Prep 74 73
Total 1,102 1,086
2022/23 2021/22
Boys Girls . Boys Girls
Seniorschool 341 263 343 257
Hove Prep 108 79 116 63
Hove Pre-Prep 64 40 64 49
Worthing Prep 70 63 65 56
Worthing Pre-
Prep 39 35 35 38
Total 622 480 623 463

Scholarships and Bursaries

lt is important to the College that access to the education it offers is not restricted only to those who can afford its fees. The College believes that its pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experiences which help pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

During the year, Lancing College granted awards, including scholarships, bursaries, discounts and concessions of £3,591k (2022 - £3,344k) - of this total amount £3,034k (2022 - £2,815k) was from unrestricted funds, £511k (2022 — £482k) was from restricted funds, and £46k (2022 - £47k) was from endowed funds. The Governing Body’s policy, in line with other independent schools, is to award scholarships on the basis of the individual's educational potential. Means tested bursaries can then be used to augment another award. Some funds are also awarded in cases of financial hardship to enable pupils to continue their education at the College. The gross fee concessions (scholarships, bursaries, sibling discounts and staff discounts) provided by the College, before funding from the Foundation represent 12.8% (2022 — 12.5%) of gross fee income. The College and the prep schools have 186 pupils (2022 — 191) on roll who have been awarded scholarships, based on their educational merit and potential, totalling £625k (2022 - £579k) and representing 2.2% (2022 — 2.2%) of gross fee income.

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The College and the prep schools also provided Means Tested Financial Assistance or Transformational Bursaries to 143 pupils (2022 — 159 pupils) and the total value was £1,984k (2022 £2,000k) which represented 7.1% (2022 — 7.5%) of gross fee income. Of these bursary holders, 87 (2022 — 67) paid 50% or less of the fee, 28 (2022 - 19) paid 20% or less of the fee and 19 (2022 — 14) paid no fees.

The College includes details of the various concessions in its prospectus and on the website. All parents making enquiries are provided with a description of the criteria for bursaries and scholarships.

Bursary Policy — Means Tested Financial Assistance

Bursary. awards are available to all who meet the general entry requirements and who, at the senior school, are in receipt of scholarship awards. They are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would otherwise be at risk, for example in the case of redundancy. In assessing means, the methodology recommended by the Independent Schools’ Bursars Association is used, which takes a. number offactors into consideration including family income, investments and savings and family circumstances, for example dependent relatives and the number of siblings. Lancing College does not have an endowment and, in funding awards, it is mindful that it must ensure a balance between fee-paying parents, many of whom make considerable personal sacrifices. to fund their child’s education, and those benefiting from the awards.

Means Tested Financial Assistance ranges from 5% to 100% remission of fees.

Bursary Policy — Foundationers

In addition to these Means Tested Financial Assistance bursaries in 2017/18 the College established a new transformational bursary fundraising campaign to fund the whole cost of educating talented young people from challenging backgrounds. The objective was to raise £3m from third party donors in the first five years to provide full funding of 25 pupils: In the 2022/23 year there were 17 Foundationers in the school across all year groups, with some of the Foundationers taking on leadership roles in their final year.

The initial fundraising target was achieved 18 months ahead of schedule through the amazing generosity of donors.and the support of our partners, described below. In establishing the campaign in 2017, the College was responding to research amongst over 5,000 Lancing alumni. The survey was repeated in May 2021 and has demonstrated continued support, with 82% of OLs (Lancing Alumni) supporting the aims of the Foundationers campaign and nearly 30% planning to donate in the future. A second phase of fundraising has commenced, this time with a target of £8m to fund some 40 Foundationers over five years. As. of the end of July 2023, the College has received donations and pledges of over £4m from donors in addition to the commitment of the College to fund £2.4m (33%) of the £8m. In September 2022, the College introduced a parent levy of 1% which would go to the Foundationers programme and across the year 89% of parents contributed.

Foundationers are funded with 110% of fees fo ensure that they can have essential extras. Money raised for this purpose funds 67% and the College funds 33% of each transformational bursary. The campaign fund is kept separate and is restricted solely for the purpose of paying Foundationers’ bursaries. Bursaries are awarded to young people in Year 9 and Year 12 from challenging backgrounds whose life chances are limited through family circumstances, or social deprivation, and whose aspirations have been adversely affected through no fault of their own. Candidates are identified with the support of schools and community groups who are aware of the programme and able to help identify potential pupils. An assessment and selection process is carried out in the November preceding each year of entry to ensure that funds are prioritised to those children who would gain the most from. a Lancing education. Awareness of the campaign has spread across the Lancing community and has received a very positive response. Former transformational bursary pupils have readily stepped forward as ambassadors for the campaign and have willingly contributed at events, in print and in film. Fundraising activities have included events, targeted mailing, briefings and hosted dinners. Both the current parent and former parent associations are actively supporting the campaign together with OLs across a wide age range. The. range and method of donation has been varied and has enabled OLs, parents and other supporters to engage with the campaign and support in a way that.suits them.

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Our partners in the Foundationers programme include Trinity Church of England School in Lewisham, Eastside Young Leaders Academy (EYLA), Royal National Children’s Springboard Foundation and the Buttle Trust.

Our close relationship with EYLA enabled a third summer school to be run at Lancing at the end of August 2023. This year, 22 “Young Leaders” spent three days at Lancing College staying in boarding Houses. The programme included catch up study periods, skills development and sports as well as learning what boarding life is like. Lancing staff and teachers gave freely of their time and energy in the action-packed programme. Feedback from EYLA has been hugely positive. Carol Murraine, Scholarship Programme Director at EYLA said: 'On behalf of myself, Lewis and the young leaders, | wanted to extend our heartfelt gratitude for hosting the Young Leaders 2023 residential course. Your hospitality, guidance, and support throughout the week made it a truly unforgettable experience. It's been an incredible journey of growth and learning, and | couldn't have asked for more. Your dedication to nurturing our young leaders is truly inspiring.’

Promoting High Academic Standards: Scholarship Policy

The purpose of scholarship awards is to recognise high academic potential or the ability to excel in cocurricular activities such as Art, Music, Drama or Sport. Scholarships are awarded on the basis of the individual's academic potential or evidence of exceptional abilities which will contribute to co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor.

Scholarships are awarded with a fixed remission of fees of between 5% and 30%. Where further assistance is required, scholarship awards may be supplemented by a means tested bursary. Details of the scholarship policy are available on the College’s website.

Pupils are expected to be exemplar contributors in their area of scholarship. The progress of pupils receiving scholarships is reviewed at least annually to ensure this is in line with their abilities. No scholarships or bursaries were withdrawn in the year as a result of reviews.

Other Policies on Assistance:

Family Discounts Policy

To underline the value placed on continuity for families, the College offers discounts where parents have more than one child at the College.

Assistance for our Teaching Staff

As part of the emphasis on attracting and retaining high calibre staff, a discount scheme is offered where staff members choose to educate their children at the College.

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Energy and Carbon Reporting

Energy and Carbon Reporting
2023 2022
Energy consumption used to calculate emissions (kWh) 7,337,320 7,581,983
Energy consumption breakdown (kWh):
e
Gas		 5,118,670 5,377,000
e
Electricity		 1,748,746 1,822 920
e
Heating oil
e
Transportfuel
e
Business travel (employee owned vehicles)		 250,692
202,538
16,674		 146,769
228,436
6,858
Scope 1
Emissions in metric tonnes CO2e
e
Gas		 921.36 967.86
e
Heating Oil		 65.18 38.16
e
Transport fuel		 48.41 54.60
Total Scope 1 1,034.95 1,060.62
Scope 2
Emissions in metric tonnes CO2e
e
Purchased electricity		 362.12 377.48
Scope 3
Emissions in metric tonnes CO2e
e
Business travel in employee-owned vehicles		 3.89 1.64
Total gross emissions in metric tonnes CO2e 1,400.96 1,439.74
Intensityratio:emissionsintonnesCO2eperpupil 1.22 1.28

Group reporting requires us to include all subsidiaries and related companies that qualify. The numbers above include all qualifying subsidiaries and related companies, being Lancing College Limited, Lancing College Preparatory School at Worthing Limited and Buxbrass Limited.

Quantification and Reporting Methodology

We have followed the 2019 HM Government Environmenial Guidelines. We have aiso used the Greenhouse Gas (GHG) Reporting Protocol — Corporate Standard and the 2022 Government's Conversion Factors for Company Reporting.

Intensity Measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pupil, the recommended ratio for the sector.

Measurements taken to improve efficiency

During the year, the College has implemented a number of initiatives to improve the efficiency of its use of energy. These included:

Going forward, in addition to the ongoing programmes detailed above, the College is undertaking various other initiatives to improve energy efficiency in future years as follows:

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LANCING COLLEGE LIMITED DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Promotion of Education

Section 172 of the Companies Act 2006 requires the directors to act in the way they consider, in good faith, would be most likely to promote the success of the charitable group to achieve its charitable purposes. The Act states that in doing so, the directors should have regard, amongst other matters, to:

During the year 1,102 pupils between the ages of 2 and 18 were educated at Lancing College’s three schools. The College provides a very high standard of education. and this is validated in the review of the academic results and the schools’ measurements of added value.

The College can demonstrate particular excellence in all academic areas including Mathematics, Science, Modern Languages, Music, Arts, Drama and Sport. The.aim is to support children in reaching their potential in all areas of their activity at Lancing College.

Academic

This was another very strong year of academic achievement for Lancing with over 81% of students reaching A- B grade at A Level and just over 85% reaching an equivalent figure at GCSE using the new numerical grading system. This figure, the first time in which grades have been awarded without any compensatory adjustment since the pandemic struck, represents the best examination-based results that the College has produced in well over a decade and is, indeed, better than the figures produced last year. This is a particularly strong showing at A Level where the A- B pass rate has been exceptional — the cohort who sat the A Level examinations have never previously sat public examinations, their GCSE results having been decided by Centre Assessed Grades. These increased grades come against a national picture of falling grades, showing that Lancing is bucking national trends and producing results that allow our students to maximise their potential. Virtually every student wishing to attend university in the 2022/23 academic year found a place to do so and, of those who did not, the majority have chosen to defer for a year in order to pursue applications at more competitive institutions having gained higher grades than expected. The school’s list of top 10 universities includes eight Russell Group universities with the other two — Royal Holloway and Loughborough — being famed for their research in the humanities, sport, the social sciences and engineering, the subjects to which our students went to those institutions to study. The vast majority of our students went on to top-ranked courses and institutions for their chosen subjects, many of them in the top 100 by the industry standard QS World Rankings.

There was also conspicuous success at placing students at outstanding universities overseas. This year one of Lancing’s Foundationers secured the highly prestigious Morehead Cain scholarship to the University of North Carolina-while others were offered unconditional places at Dartmouth College, Penn State, Carleton College and Pomona College while others went further afield to Germany, Ireland, Canada, Hong Kong and Australia. Others opted for specialist institutions for their fields, such as Fashion courses at UAL’s world no. 1 ranked design course and specialist drama and music schools. Students leave the College to go on to a vast array of courses. All our students who gained places at the Universities of Oxford and Cambridge fulfilled the conditions of their offers yet again. Medical and

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veterinary success continues to be another strong feature of a Lancing education with two successful candidates reading Medicine along with thrée studying Veterinary Medicine — a product of our outstanding medical society - and a high number more studying life and bio sciences and psychology. The sheer diversity of interests and the range of institutions represented is startling with students going on to: Architecture at Cardiff and Westminster; Chemical Engineering at Imperial College; Economics at LSE; Arts and Sciences at UCL; and German and Politics at Edinburgh. Lancing is ever more confident that students leave us well equipped to pursue their dream careers in the outside world.

This year’s data from Durham University’s Centre for Evaluation and Monitoring, which assesses all HMC. schools’ academic achievements against student ability, demonstrates that Lancing adds excellent value to its students across the ability range and that this is a result of the outstanding teaching and learning at the College. In the highest performing departments at the College, this ‘value-added’ measure is so strong that Lancing students gain a grade or more higher relative to their ability than in other schools.

The College’s Mathematics department remains spectacularly successful, building on its record success from recent years and continued excellence at A Level, with students once more continuing to go to the best Mathematics departments in the UK and abroad to study the discipline. Lancing’s English department was similarly outstanding at GCSE Level and at A Level where students again went on to study the discipline at outstanding universities throughout the UK, including, this year, Oxford. Lower Sixth Formers once more produced an excellent yield of Extended Project Qualifications, a significant boon to their university applications, at 100% A*-A for this qualification, proving that while they are clearly very able to pass examinations at a very high level, they are not simply ‘taught to the test’ but can also think independently, creatively and rigorously. This level of achievement is testament to the commitment that. the College has to independent learning, a skill that is assessed at the point of students’ entrance into the College via our Advance Programme in Year Six and consolidated via our year-long Year 9 meta-cognition programme and via the ‘Heresy Project’, a Sixth Form academic competition for independent research run in Year 12.

This year we have gone further in formalising the nature of this metacognitive excellence through the completion of the first year of the Lancing Diploma which explores how the curriculum and the cocurriculum together work to inculcate what we have identified as the ‘Five Rs’, the virtues of resilience, responsibility, reflection, resourcefulness and reciprocity. The diploma has. come about as a product of a year’s review of all elements of our curriculum and is launched at the two main new-entrant years for the school, Years 9 and 12. The diploma experience allows students to recognise and articulate how the attributes of learning unite all elements of their pastoral, co-curricular and curricular lives.

Overall, GCSE saw another extremely impressive set of results with some exceptional performances at the top end of the year group including one student achieving a clean sweep of Grade 9 qualifications and two coming within one grade of this. To put that achievement in context, only just over 1,000 people nationally achieved that feat. This year was among the best GCSE results that we have achieved in the last ten years. This promises very well for the future, building on the excellent level of the previous years, producing a strong stream of academics proceeding into the Sixth Form and ensuring that our strong tradition of academic success outlined above will continue for years to come. They are, moreover, bolstered by a very promising crop of new students into the schoo! with a number of notable academic performers from a very wide range of backgrounds joining us. Indeed, this year, the College is enriched by the presence of forty different nationalities, a cultural and geographical diversity that our students note as a major value added by the experience of a Lancing education.

We have completed curriculum audits across the College to reflect the diversity and inclusion of our curriculum, actively engaging with Black History Month, International Women’s Day and LGBT History month as well as exploring how our curriculum can engage explicitly and imaginatively with issues of environmentalism and relating to climate change. This year’s academic training was started by a very welcome and well-received visit from the African and Caribbean Education Network, part of our ongoing commitment to diversity and inclusivity.

Lancing’s two prep schools remain weekly visitors on the main College site for the teaching of modern languages with students in Years 7 and 8 augmenting their curriculum with teaching of German and/or Spanish at Lancing College. They also participate in a carousel of further co-curricular activities, taking advantage of the College’s excellent facilities and coaching. This only enriches our community engagement and the diversity of our curriculum.

Excitingly, we are now also moving into the sphere of further partnership with higher education and industry, the Geography Department building on last year’s pilot hybrid online/live climate conference

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to produce a rolling programme of lecturers and speakers. Our Head of Geography now works with the universities of Brighton, Cambridge and Buckingham, delivering training to their PGCE courses and supporting learners here while our Languages and Mathematics Faculties continue work with the University of Sussex, taking on student trainees. We have been highly praised by the Independent Schools’ Teacher Induction Panel for the excellence of our Early Career Teacher Induction Programme, our mode of delivery of the new two-year programme for newly qualified teachers.

Prep Schools Academic

Lancing Prep at Hove

At the end of the school year, all pupils in Year 8 at Lancing Prep at Hove successfully gained a place into their first-choice senior school. A total of thirteen awards were achieved: six academic, two allrounder, two sport, one art and two Head Master's awards. Destination schools were Lancing College (16 pupils), Bede’s (3), Hurstpierpoint College (6), and Oxford International School (1).

In Mathematics, we entered three teams into the Year 5 Maths Challenge, hosted by St Andrews in Eastbourne. Out of a field of 33 teams we placed first, tenth and twenty-first. Similarly, Windlesham House hosted a Year 6 Maths Challenge where LPH placed eleventh out of a field of 45 teams. All pupils in Years 3 and 4 entered the First Maths Chailenge, produced by UKMT. 17 pupils achieved a bronze award, with 4 more achieving gold and one child scoring an exceptional 100%. Pupils in Years 5 and 6 entered the UKMT Primary Maths Challenge, achieving a bumper selection of bronze, silver and gold certificates, with two candidates qualifying for the subsequent ‘Junior Kangaroo’ round. Years 7 and 8 pupils achieved highly in the UKMT Junior Maths Challenge, where again they achieved a plethora of bronze, silver and gold certificates with another two candidates qualifying for the subsequent Kangaroo round. In English, senior pupils entered the Young Writers Empowered poetry competition and the English Speaking Union’s National Shakespeare Competition. In Science, a Group of Year 7 pupils participated in mixed-school teams at the Bede’s Galactic Challenge, and another group of Year 7 pupils sent 3 experimenis into the atmosphere to simulate Mars-like conditions on a giant helium balloon. A team of Year 5 and 6 pupils reached the final round on the national Science quiz which was hosted at Oxford University.

In Year 6, we entered children for pre-tests to a variety of schools to secure Year 9 places. Twenty pupils sat the Advance Programme to Lancing College; all bar two were successful in earning a guaranteed place at Lancing College. Eight children were entered for Hurstpierpoint College and six were successful in earning a secured place for entry into Year 9. Five children were entered for pretests to Bede’s and all were successful. Five children sat pre-tests for Brighton College and two were successful. Three children were entered for Ardingly, and all were successful, two for eniry into Year 9 and one for entry into Year 7 with a sports scholarship. These are very pleasing results on challenging and often highly competitive assessments. A further six pupils sat 11+ entry to Roedean; all were offered places which included two sport awards, a drama award and an academic award.

In the Early Years Foundation Stage, we are delighted that we made the decision to create our own exceeding descriptors after they were removed when the new EYFS framework became statutory last year. All our Early Years children made excellent progress against their individual starting points, and we were therefore keen to measure progress beyond statutory national expectations (NE). 96% of children reached NE or above in the literacy, speaking, reading and the number strands of the framework. 60% of the cohort exceeded NE in word reading, 44% in writing and 52% in number. We are also pleased to report that 100% of the cohort reached NE in the understanding and knowledge of the world aspect, with 36% exceeding in the natural world strand of learning. We are delighted that many more children are proving to be ‘school ready’ as our Pre-School thrives.

Pupils in Year 1 to Year 7 sat GL Progress Tests in English and Maths in the summer term. 78% of pupils achieved either ‘expected’, ‘higher’ or ‘much higher’ results. In the few cases where pupils did not make ‘Much higher’, ‘Higher’ or ‘Expected’ progress, interventions were personalised in accordance with their need.

Lancing Prep at Hove was inspected in November 2022 and was judged to be both compliant and excellent in ‘Academic and Other Achievements’ and ‘Personal Development’ achieving ‘excellent’ judgements in all 16 categories of educational quality. All members of the schoo! community were

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delighted with this recognition of the quality of education provided.

Lancing Prep at Worthing

At Lancing Prep at Worthing, we are very proud of our Year 8 pupils who achieved excellent Scholarship results again this year. From our 26 pupils. in Year 8, 16 Scholarships were awarded to Lancing College. These were: the Sankey Academic Scholarship (the highest award), the Melsome Academic Scholarship (the 2° highest award), the Jack Robson-Carter Academic Scholarship (the 3 highest award), 1 Academic Scholarship, 2 Academic Exhibitions, 1 Ken Shearwood all-rounder award, 2 Drama awards, 3:Sports Scholarships, 2 Sports Exhibitions and 2 Head Master's Awards. In Year 7 a pupil gained a Sports Scholarship to Our Lady of Sion. In Year 6, 1 pupil gained a Sports Scholarship to Great Ballard, 1 a Sports Scholarship to Shoreham College and 1 a Sports Scholarship to Seaford Collége. However, all but 1 declined the Scholarships to remain at LPW.

From our Year 6 cohort 88% (22/25) chose to apply for the Lancing Advance Programme and 17 pupils were successful and gained guaranteed places at the College. Of the remaining 5 pupils, 3 are resitting again this year, whilst 2 were offered, and accepted scholarships at other independent:'schools.

In the EYFS the Nursery has maintained numbers throughout the year, and we have 23 children in the Nursery from September 2023. Mia Coggin, our Nursery apprentice, will complete her apprenticeship this autumn and will be retained as a valued, full-time member of the Nursery staff. 9 children have moved through from the Nursery to Reception and the total number of children in Reception in September 2023 is 15. The small class size in Reception in 2022/23 enabled us to carry out a lot of focused one-to-one work with the children and this had a very good impact on their progress. 100% reached the Early Learning Goal for Reading and Maihs and 8 out of 9 children reached a ‘Good Level of Development’ (being assessed as Expected in the Prime areas and Literacy and Mathematics). The average number of Early Learning Goals achieved per child was 16.8, the maximum being 17. Pupils in Year 1 to Year 7 sat GL Progress Tests in English and Maths in the summer term. Most pupils obtained a progress category of ‘Expecied’, ‘Higher’ or ‘Much Higher’. The mean standardised age scores (SAS) for most classes were between 118 — 124. The results of the girls and boys were even. In the very few cases where pupils did not make ‘Much higher’, ‘Higher’ or ‘Expected’ progress ‘Next Steps’ were created which set individualised targets and focused intervention is provided where required.

Pupils in Year 6 and 8 chose to enter the Townsend Warner competition again this year. There were over 1,142 entries from 72 well known prep and senior schools. We are thrilled for our pupils and where they were placed: 31% (received a special prize), 89' (highly commended), 924 (highly commended), 188% and 218",

Co-curricular

The school continues to be committed to the all-round development of its pupils and offers a programme of 120 + weekly activities clubs and societies plus a weekend programme for boarders. The breadth and depih of this programme was recognised in The Week Independent Schools Guide where Lancing was mentioned as “Great for Co-Curricular”. Pupil voice continues to drive the programme and students are becoming more involved in the planning and running of activities. Our co-curricular programme underpins the major facets ofasuccessful Lancing education — academic, pastoral, physical, spiritual and community. The diploma, introduced last September, has been designed for students to celebrate and recognise all that they do within these areas and their commitment to the 5R’s in doing so (resilience, responsibility, reflection, resourcefulness and reciprocity). Our community programme is growing, and we pian to increase the number of students involved and places we visit. Our Sixth Form will begin a reading mentorship programme this term at a local school. Volunteering and community work continues to form a major part of our Scouts, CCF and DofE programmes. Residentials and day trips have increased in number as students have benefitted from sport tours, ski trips, cultural trios and academic trips.

We continue to run a full and competitive sporting fixtures programme, with teams playing every

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Saturday and cup/league games taking place during the week. We have nearly 100 teams playing in 500 fixtures throughout the year. Sport is for all at Lancing but-our sports scholars programme supports our elite sportsmen and women and enables them to be the best that they can be. We boast an experienced coaching team, made up of Lancing staff and external coaches who all work together to encourage and stretch our students. Our main team sports of football, cricket, hockey, netball, golf, climbing, athletics, basketball, riding, swimming, and tennis continue to form the backbone of our offering. Girls’ football and cricket take pride of place in our summer fixture list and all teams have experienced many successes over the season.

The schoo] musical Anything Goes was a tour-de-force, with the company playing to full houses every night. Our ever-growing dance department worked alongside Matt Smith to put on this fabulous production. This set the theme for the rest of the year in both departments and highlights have included the Dance Showcase, Our Day Out, Speaking in Tongues. and all of the Third Form performing The Merchant of Venice.

We continue the fine tradition of encouraging students to write and direct their own plays and particular highlights included Snapshots and. End of Choices both written and directed by Upper Sixth students.

There have been numerous musical highlights this year, from the thriving Chamber Music programme, to the Symphony Orchestra performing Sibelius’s Finlandia at the Advent Concert and the Big: Band combining with pupil vocalists in the Lent Concert.

The Choir continues to flourish and the trip to sing Evensong in St Paul’s Cathedral in October will live long in the memory. The choral concert with the College Singers and Orchestra in April featured no fewer than 10 pupil soloists — a real achievement for these young. singers.

A major highlight in the school calendar, for everyone, is the House Singing Competition which the whole school participated in their respective House Songs. It was an afternoon of great singing, tremendous energy and really good fun where the Lancing spirit was very much in evidence.

Prep Schools Music and Drama

At Lancing Prep at Hove, various drama events included a well-received performance of “Matilda” with a cast of pupils from Years 6, 7 and 8, which was performed at the Lancing College theatre. There was also a Year 8 Revue in which every child performed, a poetry evening featuring pupils aged from Reception to Year 8, and self-written pieces performed by all pupils in Years 5 and 6. In total, pupils were entered for 148 performing arts examinations, of which 44% resulted in a Merit grade and 33% in Distinction.

At Lancing Prep at Worthing, art, music and drama continue to be a great strength. Many of our children are keen to join the busy musical life of the school through individual music lessons and a range of ensembles (orchestra, string ensemble, rock band, brass band and two choirs). 63 pupils were entered for LAMDA examinations. Of these 58 pupils earned Distinctions (above 80/100) and 19 pupils earned over 90/100. Our annual musical, another ‘Matilda’ (!), was a great success and involved a significant majority of pupils in Years 6, 7 and 8. 45 pupils sat ABRSM exams with all achieving pass, merit or distinctions grades. Our ‘LPW Culture Club’ encourages pupils to attend literary, theatrical and musical productions outside of school in order to broaden their experiences of the Arts. Many pupils have completed Arts Awards based upon their experiences and have visited a number of highly prestigious concerts and events: Glyndebourne, The Royal Albert Hall, London Symphony Orchestra, A Davis Walliams Film Premiere and many other literary/author-based events. Several pupils applied and were invited to attend workshops. They were then asked to formally audition and two of our pupils were cast to act and sing as ‘street urchins’ in the Glyndebourne festival. They spent the summer singing and performing in Puccinis La Boheme and received Italian language coaching and specialist singing/acting/dancing tuition.

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improving Facilities

Wider Community

Academies and State Sector Support

The Woodard Corporation is involved in the development of academies. In support of this project, all Woodard schools have provided support, where asked, through provision of educational expertise, participation in governance, direct curriculum support, etc. In particular, Lancing College continues to provide specific support to the Sir Robert Woodard Academy (“SRWA") and works in partnership with it, facilitating shared PGCE placements for student teachers where practicable and offering support in the preparation of students making applications to universities, particularly to the Universities of Oxford and Cambridge and in medical applications and in Lancing’s STEP mathematics preparation classes and SRWA pupils have also successfully been supervised by Lancing staff on Extended Project Qualifications.

SRWA staff also continue to visit us and we go to them in order to share good praciice in an authentic and highly valued collaborative venture. We look forward to this partnership continuing.

Lancing College has been approved as a Football Association partner school, working in particular partnership with Brighton and Hove Albion Football Club ("BHAFC). In the 2022/ 23 academic year, we welcomed a second BHAFC academy player into Year 10 to work on day release with BHAFC, an important augmentation of our community partnerships that we hope to develop further in years to come. The student in question picked up GCSE studies with us and is showing himself adept at balancing an apprenticeship in professional sport alongside his studies.

Seven members of staff act as Governors of state-maintained schools and academies. Several staff are trustees of other charities.

Community Activity

The College continued to broaden its links with the wider community:

e Academic within the Community

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As part of our forestry plan, we have planted saplings on two banks that have reverted back to woodland by the Equestrian Centre. We are also planting in the Ladywell Valley and on two banks in the horse fields adjacent to The Drive. We will also be planting and rejuvenating one bank that runs to the sports pitches and the bank created from the Handford House extension waste and the small copse behind Timberscombe in Hoe Court. In addition to this, hedging trees and some major tidying and replanting are also being carried out along the full extent of the estate boundary with Adur Council's land at Lancing Ring. This extends from the bottom of Hoe Court, along the bridleway from Hoe Court to the quarry, and the lower areas of the pond

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where we are replacing nettles and scrub. The boundary with Applesham Farm is also being planted with hedge plants and trees. This process has seen a close working relationship with our local SDNP Ranger and Adur and Worthing Council. For each tree removed we have planted 11 and to date we have planted about 11,000. Alongside this, our Elm tree project is ensuring all new Elms are varieties immune to identified Elm diseases — we have planted hundreds of these resistant elms. In May 2020, a visit to explore woodland creation on the Estate to complement our current processes took place. This is in the early stages and forms part of a process offered via the Arun and Adur Farm Cluster and is supported by the SDNP.

We are currently converting approximately 50 acres of arable land into a species-rich chalk grassland that will be farmed and managed in a traditional manner in line with the objectives of the South Downs. The area reversion commenced in 2022 and by 2024, following a rotation of legume and grass mixes, the full wildflower and grass mix will be seeded. To compliment the grassland the area will have a traditional weald and downland hedge surrounding it and the current field riargins and a block of wild bird cover mix will accompany the transition and provide a habitat for those species already present as well as encouraging new species. The area will be managed via grazing with cattle and sheep to maintain a good sward height. Hay production will also play an important part in ensuring that the wildflower and grassland seeds are spread and flourish. This will be overseen with the assistance of the SDNP rangers working with the College Farm team. The farm is participating in a mid-tier environmental focus grant scheme which runs until 2026 although it is likely to be replaced via an environmental land management scheme in 2024.

e Sports Facilities for the Community

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; 

  - fun. The College also provides RLSS courses and training to the local community as an approved training centre.

Two public Christmas carol services (in addition to the school Christmas carol service) were held in the Chapel for the local community. The Chapel also hosted a carol service for Care for Veterans. In January 250 uniformed police officers attended a formal funeral for a colleague who had died in service. Collections at concerts and services raise several thousand pounds each year for other local and national charities. The central position the Chapel holds in the whole of Sussex and the Diocese of Chichester makes it a perfect setting for public and civic events. In February the Sussex Heritage Trust launched its annual awards programme in the Chapel and they are returning in 2024. The new porch has now won three of their awards as well as a prize from the Stone Federation of Great Britain. The College has given over part of the Chapel Garden for memorials to local war and air accident casualties, particularly associated with Shoreham Airport, and people may arfange to come here for reflection and remembrance. The South Cloister is an important War Memorial for many former pupils and staff who died in the two world wars. Weddings, baptisms and memorial services are held for members of the whole Lancing community. A memorial service took place in October for a recent OL and there were three weddings and a marriage blessing this year and more are being requested. There are memorial stones and interments of ashes of many others associated with the College whose families visit the Chapel for comfort and solace. The Chapel is a valuable spiritual, emotional and educational support for many local people as well as present and former pupils and staff of the College.

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The new Chaplain, Fr Justin Pottinger, took up his post at the beginning of the 2022/23 academic year and has made. an immediate impact. One of his first duties was a Requiem Mass for Her late Majesty Queen Elizabeth, attended by the whole College. Shortly afterwards the Friends held a well-attended festival. The musical life within the Chapel is particularly vibrant and therapeutic. This wider experience of what the Chapel has to offer as a spiritual, cultural and historic resource has further developed this year. It has also been possible to carry out extensive maintenance, conservation works and improvements to preserve and enhance this remarkable building in accordance with the revised objectives of the. Friends of Lancing Chapel. A picture in the south aisle, given in the 1920s by an exiled Russian prince, has been restored by two Ukrainian refugee art students. The Chapel’s central role. within the Woodard family. of schools and its significance not just for the school but for the locality, the National Park and the wider community make it an important responsibility and inspiration. It is the public image of the College and the most treasured memory of most former pupils.

In ‘Charities Term’, as the Lent Term is now generally referenced, charitable fundraising, organised within the College by pupils across the Houses saw Houses participating in sponsored events, a sleepout on the coldest night of the year for homeless charities, quizzes, competitions, charity discos and bake sales and awareness as well as funds was raised through House and whole-school assemblies. Across the term, over £11k was raised for those local, national and international charities championed by individual Houses. The charities supported were The Clocktower Sanctuary (Head’s), WaterAid, (Second’s), Help for Heroes (School), Neuroblastoma UK (Field’s); The Brain Tumour Charity (Gibbs’), The Brain Tumour Charity (Sankey’s), Teenage Cancer Trust (Teme), St Wilfred’s Hospice (Manor), Freedom4girls (Handford) and War Child (Saints’). All of these charities were chosen by pupils; many of them because of particular connections with pupils in individual Houses or because of issues close to their hearts. The Lent Term also saw an immediate response to the Syria-Turkey earthquake with £3.2k being raised for immediate disaster response as across the community pupils were sponsored to swim/ cycie/ run collectively the distance from Lancing College to the epicentre of the blast.

Other initiatives, like collections for Children in Need, Christmas jumper wearing in aid of Crisis at Christmas, and a firework display for The Royal British Legion and fundraising for Red Nose Day brought charitable fundraising within the school to in excess of £33k. Most of these initiatives were specifically proposed and then put into action by our pupils, and in this year collections of money, clothing, food and bedding were organised by members of Handford for Crisis and links were forged with the Lancing Food Bank. The October Harvest Festival saw the school gathering and donating food stuffs for distribution to those in need in the local community. This charitable activity has ensured that not only has money been raised but awareness also and practical help extended to charities and individuals in need on a local, national and international basis. Thus, pupils of all ages and across all the Houses have been engaged in the world beyond Lancing in that ethical and outward-looking manner which is such a key characteristic of this community.

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Lancing Prep at Worthing wider community activity Community: At the end of the summer term, we held an archaeological dig with input from the science, history and maths department, on the school! field to investigate parch marks. The pupils learnt about techniques used by archaeologists to complete pre-excavation desktop research, identify finds and perform geophysical surveying. The project culminated in a weeklong excavation working with the survey team from Worthing Archaeological Society and pupils from a local primary school were invited to attend for a day. All of our pupils in Years 7 and 8 participated in a design competition led by Worthing Borough Council to make public spaces around the town more sustainable. A Year 8 pupil came 2" overall in the competition and was awarded £500 to spend on our school. Our Key Stage 2 and 3 pupils entered the Aspire to Engineering National Competition which is a renewables challenge run by the Royal Commission of the Exhibition of 1851 and Big Ideas. A Year 8 pupil won the competition and used the £50 prize to buy Science books for the school. He was also awarded a workshop for his class from Henry Snaith, Professor of Physics at the University of Oxford and Co-Founder & Chief Scientific Officer of Oxford Photovoltaics Limited. In the Summer Term the PE department organised a ‘Festival of Fun’ for pupils in Years 3 to 6. This involved our pupils and boys and girls from 5 local primary schools for an afternoon of mixed sporis. Girls and boys played football, hockey and netball together in a tournament which concluded with a delicious match tea. Charity: Over the course of the Lent Term and early part of the Summer Term, pupils in all age groups contributed a considerable amount of food to a local charity, Turning Tides. Our annual Bannister Mile sponsored run raised over £2k for the Disasters Emergency Committee (‘DEC’) Turkey/Syria Earthquake Appeal and additional smaller sums were raised during the year for a number of charities. Our Green Team are working on a long-term project with Green Schools Project with the aim of becoming a Zero Carbon Green school. This is a long-term project but demonstrates our school community’s desire to bring about positive change.

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Malawi

Fundraising Performance

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Investment Performance

in August 2015, the College received investments of £872k from the unrestricted legacy of Mr Michael Hughes. This portfolio is managed by Rathbones Brothers PLC and the investments were valued at £1,106k (2022 - £1,134k) at year end. These investments will be used as required to fund education and facilities.

The College’s historic investments were liquidated in July 2012 to fund in part the purchase of the freehold of Lancing College Preparatory School at Hove. The school was granted an order on 12 July 2012 by the Charity Commission for England and Wales to borrow money and charge property under the power given in séctions 105 and 124 of the Charities Act 2011. The loan is for 50 years and is secured against the freehold of the prep school. Interest is being charged at the rate of 3%.

FINANCIAL REVIEW

Results for the Year

The consolidated Statement of Financial Activities is at page 37. The net surplus for the year amounted to £955k (2022 - £736k). The College was pleased to welcome back our easter lettings visitors during 2023 for the first time since the pandemic. Our summer lettings income was higher than ever.

Bearing in mind the continuing difficult financial and political climate and the levels of investments being undertaken to rejuvenate the sites and to improve the educational and pastoral provisions, as well as the recent increased costs of compliance, national insurance, the national minimum wage, the apprenticeship levy, and teachers’ pensions, the Governors consider these results. to be highly satisfactory and that the College is in a solid financial position to weather the continuing problems in the wider economy as well as future political risks.

All surpluses are reinvested in the schools.

Our trading company, Buxbrass Limited, hires out the College’s facilities during holidays and school hours, as well as undertaking commercial activity on behalf of the College and externally. During 2021 the farm activity associated with the wider farmland was transferred to Buxbrass now that the tenant has handed all their land back to the College. Buxbrass pays a rent to the College for the use of the farmland. The bulk of the lettings trading is normally during the easter and summer holidays and this is now back to pre-pandemic levels and hence Buxbrass has contributed a surplus of £526k to the Group’s operating position in 2023 compared with £237k in 2022 and just £3k in 2021. During 2022 the operation of Little Lancing Day Nursery and Forest School was transferred to Buxbrass and this has also had a positive impact on Buxbrass’s surplus. Little Lancing pays property rent and a management charge to the College.

The College hasa rolling ten-year business plan and recent results have consistently been in line with plans. Overdraft and loan facilities are constantly monitored and adapted and are in place to cover any ongoing liabilities and our forecast spending. Cashflow forecasts are monitored on a continuous basis.

Since 2014 the College has borrowed £6.1m from Barclays bank - £3.1m to part fund the £3.5m of boarding refurbishments and the £2m extension to Handford House. We drew down a further £1m in August 2017 to part fund the new Laurent Hall at Lancing Prep at Hove and another £2m in December 2017 to fund future projects. We started to repay these loans from February 2019 over 15 years and the repayments are covered in our financial plans and cashflow forecasts. The current outstanding loan amount is £4.8m and the repayment profile can be seen in note 19 to the accounts.

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,

KPI Review

Net fee receipts for the Group increased from £23,973k in 2022 to £25,077k in 2023. Pupil numbers in the senior school grew by 4 to 604 — overall we educated 1,102 pupils in the year compared to 1,086 in the previous year seeing growth in overall pupil numbers of 16. Our trading margin (another key KPI) grew from £237k to £522k. Trading margin had grown by 180% over the 4 years pre-Covid from £190k in 2014/15 to £531k in 2018/19 and we are pleased that this has now returned to these levels. Our net income margin of £955k gives as a margin against total income of 3.2%. Our cash equivalents position remains healthy at £12,727k.

Reserves Level and Policy, and Financial Viability

lt has been the College’s policy to utilise funds to ensure that high quality facilities are provided for the benefit of pupils. The aim is to budget to provide sufficient working capital to meet the present needs and the future development requiremenis of the College without the need to have recourse to sales of tangible fixed assets or use of the readily realisable investments supporting unrestricted funds. Unrestricted funds increased by £489k (2022 — increased by £672k) to total £14 ,396k (2022 -£13,907k) as shown in note 26.

The intention is to plan in the medium term for reinvestment surpluses of not less than 10% of income before depreciation and after the costs of developmeni, refurbishment and other improvements. The College achieved 7.8% against this measure in 2022/3.

The company’s unrestricted reserves. are primarily invested in tangible fixed assets, which are all used for its direct charitable activities. Impairment reviews have been undertaken in line with accounting practice requirements and, in the directors’ view, properties are not impaired below their recorded cost in the accounts. investments (other than endowment assets) are held to create income and capital pending utilisation.

The Governors have invested substantial sums into staff, Foundationers and new or improved school buildings in recent years and have a continuing programme of refurbishment, development and investment to maintain excellent facilities, accommodation and teaching for our pupils. In common with most independent schools, free reserves are at a negative balance illustrating the extent of investment in our school. The Group’s total reserves of £18,490k at the year-end included £2,006k of endowed funds, £2,088k of restricted funds and £14,396k of unresiricted funds, which includes reserves of £21k for our pension-fund deficit. Fixed assets held for use of the Group totalled £20,887k, leaving a free reserve deficit of £6,491k (2022: £6,754k) at the year-end. The Governors consider that given the strength of the charity’s balance sheet, the stable cash flow from full student rolls, the strong support of Barclays Bank and the ongoing popularity of the College there is no need to build up a free reserve.

Engagement with Suppliers, Customers and Others in a Business Relationship with Lancing College

The College seeks to engage actively and positively with all stakeholders in the local community and in the wider educational landscape. Collaborative relationships with suppliers, parents, educational partners and community leaders are seen as key enablers to achieving success in all of the Group’s operations.

During the year the Group has further promoted this engagement though specific initiatives including:

27

DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

PRINCIPAL RISKS AND UNCERTAINTIES

The consideration of risks in the paragraphs below reflects the current more stable environment, post the coronavirus pandemic, offering a wider view of common events plus a specific consideration of those events that could impact the continuity of education.

The Governors consider the economic turbulence of recent years.and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. The school is currently near maximum capacity, but there. is no room for complacency particularly inthis period of high cost inflation. The Governing Body, therefore, decided last year to increase the fees in September 2022 by 6%. For September 2023 the Governing Body has increased fees by 9% - the school faces cost inflation of 20% in 2022/23 largely due to an increase in utility costs of around £1m for the year.

The. independent sector as a whole is currently subject to potentially increased political risk as the stated policy of the Labour Party is to remove tax concessions for charitable independent schools. If elected, and if this policy is enacted, there is a significant risk to the independent sector as VAT would. have to be added to school fees. This would potentially make the fees unaffordable for a proportion of parents, materially affecting the income. The school will do everything it can to mitigate the impact on fees for parents.

Health and Safety is always a significant area for risk management. The risks range from fire and damage to infrastructure, to personal risks (most notably when away from the campus on trips and expeditions). The level.and breadth of activity at the school is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

The Governing Body is responsible for the identification and management of risks. The major risks to which the. charity is exposed, as identified by the directors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the executive and the éxamination of risks is discussed at all of the sub committees and at the main Governing Body. Major risks to which the College is exposed include those affecting safeguarding and protection of pupils, the security and preservation of charitable assets both now and in the future and inflationary pressures on utilities, especially energy, and other costs. The Governing Body continually scans the horizon for emerging or changing risks.

Significant risk areas:

28

LANCING COLLEGE LIMITED DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

The key controls used by the school include:

The school plans strategically having regard for risk. The executive provides the Governing Body with regular reports which include details of the principal strategic objectives, the risks to achieving these objectives and the mitigating actions to manage those risks. The school also records significant achievements and updates the Governing Body and The Woodard Corporation on short-term plans and risks.

The strategy is discussed between the Governing Body and the Woodard Board and protocols have been developed and agreed which outline the relationship between the two bodies.

Financial Risk Management Objectives and Policies

The College uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors, creditors and finance lease arrangements that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group’s operations.

The main risks arising from the College’s financial instruments are liquidity risk and interest rate risk. The College’s directors adopt policies for managing each of the risks and these are summarised below:

29

LANCING COLLEGE LIMITED

DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

GOING CONCERN

The school has full rolls and healthy cash reserves, which it monitors carefully, and the full support of its bank, Barclays. Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the Group will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 41.

PLANS FOR FUTURE PERIODS

The College’s Strategic Development Plan is reviewed annually. The key current objéctives are:

30

DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

DIRECTORS

The directors who are also Trustees for the purpose of charity law who served during the year, and the committees of which they were members, are:

MR Slumbers (Chair) Finance and General Purposes
Membership and Nominations
Investment
Ex officio all other subcommittees
DE Austin Staff Liaison (Chair)
Mrs J Brown Education
R Crawford Clarke Finance and General Purposes
Sustainability
Mrs P Cleeve Appointed June 2023
Mrs A-M Edgell (Deputy Chair) Resigned June 2023
AD
Fairclough		 Safeguarding
ProfM J G Farthing Education (Chair)
Dr S Godward Resigned March 2023
T J P Hancock Finance and General Purposes
(Chair)
Investment
JB Higgo Education
Mrs C Houston Resigned June 2023
TheVenL Irvine-Capel Designated Safeguarding Governor
Safeguarding (Chair)
H GC R Lawson Membership and Nominations
Sustainability (Chair)
Ms H O'Sullivan Resigned June 2023
JA Scott Finance and General Purposes
Sustainability

None of the directors has any beneficial interest in the Group.

Exemptions from disclosure

Lancing College has not taken advantage of any exemption from disclosure in relation to trustee details. . AUDITOR

RSM UK Audit LLP were reappointed as auditor to the Group in the year and have expressed their willingness to continue in office and will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488 (1) of the Companies Act 2006.

31

LANCING COLLEGE LIMITED

DIRECTORS’ REPORT (incorporating the Strategic Report) YEAR ENDED 31 AUGUST 2023

DIRECTORS’ RESPONSIBILITIES STATEMENT

The directors who are also Trustees for the purpose of charity law are responsible for preparing the Directors’ Report incorporating the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare Group and company financial statements for each financial year. Under that law, the trustees have elected to prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, (United Kingdom Accounting Standards and applicable law) including FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the Group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s and Group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of information to Auditor

The directors confirm that:

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors’ Report and Strategic Report have been approved by the board of directors of Lancing College Limited on 4 December 2023 and signed on their behalf.

MR Slumbers CHAIRMAN

32

LANCING COLLEGE LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED

Opinion

We have audited the financial statements of Lancing College Limited (the ‘parent charitable company’) and its subsidiaries (the ‘Group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Company Statement of Financial Activities, the Consolidated and Company Balance Sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Directors’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Directors’ Report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

33

LANCING COLLEGE LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies. or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Directors’ Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Directors’ responsibilities set out on page 32, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materia! misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

34

LANCING COLLEGE LIMITED INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding. compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during. the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk ofmaterial misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention-and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the Group audit engagement team:

As.a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence. with local tax authorities and evaluating advice received from internal advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under Section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company Group is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The Group audit engagement team identified the risk of management override of controls and the risk of revenue recognition for non-fee income as the areas where the financial statements were most susceptible to material misstatement due to fraud. In respect of the risk of management override of controls, audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates. In respect of the risk of revenue recognition for non-fee income, audit procedures performed included but were not limited to testing samples of transaciions back to underlying documentation.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at htto://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

35

LANCING COLLEGE LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LANCING COLLEGE LIMITED

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone : other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

ASM Uk Aur UP

Zoe Longstaff-Tyrrell Senior Statutory Auditor for and on behalf of RSM UK Audit LLP Chartered Accountants Portland 25 High Street Crawley RH10 1BG

Dated Ie Decenbee2ns.

36

LANCING COLLEGE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowed|Total|Total| |Notes|Funds|Funds|Funds|2023|2022| |£|£|£|£|£| |Income|and|endowments|from:| |Income|from|Charitable|Activities| |School|fees|receivable|2|25,077,105|-|-|25,077,105|23,973,398| |Ancillary|trading|income|3|618,906|51,000|-|669,906|468,002| |Other trading|activities| |Non-ancillary|trading|income|4|2,415,459|-|-|2,415,459|1,215,371| |Investments| |Investment|income|5|21,978|-|-|21,978|17,628| |Bank|and|other|interest|6|351,283|51,536|52,794|455,613|94,557| |Other|-|Grants|and|donations| |Grants|and|donations|7|32,430|943,778|-|976,208|547,850| |TOTAL|INCOME|28,517,161|1,046,314|52,794|29,616,269|26,316,806| |Expenditure|on:| |Raising|funds| |Non-ancillary|trading|8|1,684,615|-|-|1,684,615|889,987| |Financing|costs|8/9|385,960|-|-|385,960|163,340| |Investment|management|8|7,965|-|-|7,965|8,574| |Fundraising|and|development|8|213,185|-|-|213,185|217,225| |Other|costs|8|-|-|-|-|3,993| |TOTAL|RAISING|FUNDS|2,291,725|-|-|2,291,725|1,283,119| |Charitable|Activities| |Education|and|grant|making|8|25,694,898|587,059|45,989|26,327,946|24,179,845| |TOTAL|EXPENDITURE|8|27,986,623|587,059|45,989|28,619,671|25,462,964| |Net|income|and|expenditure|before| |transfers|530,538|459,255|6,805|996,598|853,842| |Realised|(losses)|/|gains|on| |investment|assets|14|(27,776)|-|-|(27,776)|43,747| |Unrealised|(losses)|/|gains|on| |investment|assets|14|(13,890)|-|-|(13,890)|(161,292)| |Net|income/(expenditure)|488,872|459,255|6,805|954,932|736,297| |Transfers|between|funds|-|-|-|-|-| |NET|MOVEMENT|IN|FUNDS|488,872|459,255|6,805|954,932|736,297| |Fund|balances|at|1|September|2022|13,906,854|1,628,963|1,999,141|17,534,958|16,798,661| |FUND|BALANCES|AS|AT|31|AUGUST|2023|14,395,726|2,088,218|2,005,946|18,489,890|17,534,958| |All|amounts|relate|to|continuing|activities.|All|recognised|gains and|losses|in|the|current|and|prior year are|included|in|the| |statement|of financial|activities.|The|notes|on|pages|41|to|71|form|part|of these|financial|statemenis.|

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37

LANCING COLLEGE LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and and Expenditure Account) YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Endowed Total Total
Notes Funds Funds Funds 2023 2022
£ £ £ £ £
Income and endowments from:
Income from Charitable Activities
School fees. receivable 2 23,000,415 - - 23,000,415 22,161,908
Ancillary trading income 3 551,704 51,000 - 602,704 436,401
Othertrading activities
Non-ancillary trading income 4 717,940 - - 717,940 314,625
Investments
Investment income 5 21,978 - - 21,978 17,628
Bank and other interest 6 351,283 51,536 52,794 455,613 94,557
Other - Grants and donations
Grants and donations 7 32,430 943,778 - 976,208 547,850
TOTAL INCOME 24,675,750 1,046,314 52,794 25,774,858 23,572,969
Expenditure on:
Raising funds
Financing costs 8/9 373,295 - - 373,295 151,407
Investment management 8 7,965 - - 7,965 8,574
Fundraising and development 8 213,185 - - 213,185 217,225
Other costs 8 - - - - 3,993
TOTAL RAISING FUNDS 594,445 - - 594,445 381,199
Charitable Activities
Education and grant making 8 23,408,649 587,059 45,989 24,041,697 22,215,765
TOTAL EXPENDITURE 8 24,003,094 587,059 45,989 24,636,142 22,596,964
Net income and expenditure before
transfers 672,656 459,255 6,805 1,138,716 976,005
Realised (losses) /gains on
investment assets 14 (27,776) - - (27,776) 43,747
Unrealised (losses) / gains on
investment assets 14 (13,890) - - (13,890) (161,292)
Net income 630,990 459,255 6,805 1,097,050 858,460
Transfers between funds - - - - -
NET MOVEMENT IN FUNDS 630,990 459,255 6,805 1,097,050 858,460
Fund balances at 1 September 2022 16,107,985 1,628,963 1,999,141 19,736,089 18,877,629
FUNDBALANCESASAT31AUGUST2023 16,738,975 2,088,218 2,005,946 20,833,139 19,736,089

All amounts relate to continuing activities. All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 41 to 71 form part of these financial statements.

38

LANCING COLLEGE LIMITED

CONSOLIDATED AND COMPANY BALANCE SHEET AS AT 31 AUGUST 2023

Group Group Company Company
Notes 2023 2022 2023 2022
£ £ £ £
FIXED ASSETS
Tangible assets 13 20,886,872 20,660,121 20,514,042 20,335,023
Investments 14 1,106,470 1,134,123 1,106,572 1,134,225
21,993,342 21,794,244 21,620,614 21,469,248
CURRENT ASSETS
Stocks 194,885 192,706 48,434 54,859
Debtors 15 1,393,955 879,557 4,381,443 3,484,755
Cash 16 12,727,462 11,853,954 11,789,840 11,202,238
14,316,302 12,926,217 16,219,717 14,741,852
CURRENT LIABILITES
Créditors payable within one year 17 (10,329,004) (9,195,003) (9,538,515) (8,484,511)
NETCURRENT ASSETS 3,987,298 3,731,214 6,681,202 6,257,341
TOTAL ASSETS LESS CURRENT
LIABILITIES 25,980,640 25,525,458 28,301,816 27,726,589
LONG TERM LIABILITIES
Creditors payable afterone year 18 (7,469,937) (7,955,475) (7,447,864) (7,955,475)
Provision for liabilities 32 (20,713) (34,925) (20,713) (34,925)
TOTAL NET ASSETS 18,489,990 17,535,058 20,833,239 19,736,189
REPRESENTED BY:
CAPITALAND RESERVES
Called up share capital 23 100 100 100 100
FUNDS
Endowed funds 24 2,005,946 1,999,141 2,005,946 41,999,144
Restricted funds 25 2,088,218 1,628,963 2,088,218 1,628,963
Unrestricted funds:
General reserve 26 14,395,726 13,906,854 16,738,975 16,107,985
EQUITYSHAREHOLDERS'FUNDS 18,489,990 17,535,058 20,833,239 49,736,189

The financial statements were approved and authorised for issue by the Board on G-. December 2023 and signed on its behalf by M R Slumbers Vow

Chairman

Company Registration No. 03779985

The notes on pages 41 to 71 form part of these financial statements.

39

LANCING COLLEGE LIMITED

CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Notes|2023|2022| |£|£| |CASH|FLOWS|FROM|OPERATING|ACTIVITIES| |Net|cash|provided|by|operating|activities|29|2,581,770|82,461| |2,581,770|82,461| |CASH|FLOWS|FROM|INVESTING|ACTIVITIES| |Dividends,|interest|and|rent|from|investments|477,591|112,185| |Proceeds|from|sale|of|property,|plant|and|equipment|6,944|10,071| |Purchase|of|property,|plant|and|equipment|(1,255,929)|(1,005,565)| |Proceeds|from|sale|of|investments|682,926|267,956| |Purchase|of|investments|(696,939)|(277,010)| |Net cash|used|in|investing|activities|(785,407)|(892,363)| |CASH|FLOWS|FROM|FINANCING|ACTIVITIES| |Repayment|of borrowing|(536,895)|(300,493)| |Financing|costs|(385,960)|(163,340)| |Net|cash|used|in|financing|activities|(922,855)|(463,833)| |CHANGE|IN|CASH AND|CASH|EQUIVALENTS|IN|THE|YEAR|873,508|(1,273,735)| |CASH|AND|CASH|EQUIVALENTS|AT THE|BEGINNING|OF|THE YEAR|11,853,954|13,127,689| |CASH AND|CASH|EQUIVALENTS AT|THE|END|OF|THE|YEAR|30|12,727,462|11,853,954|

----- End of picture text -----

The notes on pages 41 to 71 form part of these financial statements.

40

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

1 ACCOUNTING POLICIES

These accounts are the group accounts of the group headed up by Lancing College Limited, a private charitable company, limited by shares, incorporated and registered in England and Wales. The address of its registered office can be found on page 1.

The principal accounting policies, all of which have been applied consistently throughout the year and in the preceding year are:

a) Basis of Accounting

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities (SORP (FRS102)’) and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that that property and share investments held as fixed assets are carried at fair value.

Lancing College meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are ‘initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets. and liabilities. that are-not readily apparent from other sources. Actua! results may differ from these estimates. Further details are provided in note 1(t) below, and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. The financial statements are presented in Sterling (€) and the functional currency is. Sterling (£).

b) Going Concern

The accounts have been prepared on a going concern basis. The Lancing College Governing Body reviews the financial information for the company and the group, and consider whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts.

Having considered many factors, including strong pupil numbers, available cash levels. and the underlying asset base, the directors have a reasonable expectation that the group will be able to continue operating for the foreseeable future. Accordingly, they continue to adopt the going concern basis in préparing the Annual Report and Accounts.

Cc) Group Accounts

The financial statements consolidate the financial statements of the company, and all its subsidiary companies,. charitable trusts and funds with all inter-company balances being eliminated. Entities are consolidated where Lancing College exercises overall control either through ownership. of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies. ’

d) Fees and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Advance Fee Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are held as investments in interest bearing assets until either taken to income to match liabilities in the term when used, or else refunded. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term.

Estimating amounts to provide against recovery of debts is a matter of judgement and further details are provided in note 1(u) below.

41

LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

e) Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities. to generate funds within the charitable objects for example, registration fees, music fees. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the

SOFA when the goods are sold or services provided.

f) Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable.

,

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value.at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

g) Coronavirus Job Retention Scheme (CJRS) Income

The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the organisation with no future related costs. It is recognised as income in the period in which it becomes receivable within ‘Other— Grants and Donations’ (note 7).

h) €xpenditure

Expenditure is accrued as soon as there is a contractual obligation or a tiability is considered probable, discounted to present value for longer term liabilities Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debits are provided for in accordance with the group bad debt policy.

i) Finance and Other Costs Other costs include amounts accrued in accordance with the terms of Fees in Advance Scheme Contracts.

J) Pension Costs

The company and subsidiary Preparatory school participate in the Teachers' Pensions scheme, which is an unfunded government scheme, and The Pensions Trust scheme, both of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the company’s share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes.

The company and subsidiary Preparatory school offers membership of the Pensions Trust Growth Plan to employees other than the full-time academic staff. The Pensions Trust Growth Plan is a multiemployer pension scheme where the scheme assets are pooled for investment purposes and cannot.be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money. purchase arrangement, but has some guarantees. As a result it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore, the scheme is accounted for in a fashion which is similar to a defined coniribution scheme. The company must recognisea liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. More detail is given in notes 32 and 35.

k) Termination Payments

Termination payments are recognised immediately as an expense when there is a clear decision or commitment to terminate the employment or provide such termination benefits.

42

LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

!) Tangible Fixed Assets and Depreciation

In accordance with Section 35.10 (d) of FRS102, Lancing College has elected to use the carrying value of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014.

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are stated at cost less any provision for impairment. They are transferred to completed assets when substantially all. of the activities necessary to get the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation:to construction, and directly attributable overheads.

Where tangible fixed assets have been acquired with the: aid-of specific grants. they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants: are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on.a basis consistent with the depreciation policy.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful life, as follows:

Freehold land is not depreciated Freehold buildings - Variable according to the building and written off over the expected useful life Freehold improvements - Over the useful economic life of the improvement Leasehold land - Over the shorter of the economic life of the asset or the life of the lease Computer equipment - 25% on cost Fixtures and fittings - between 4% and 25% on cost Motor vehicles - 25% on cost The company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The company undertakes an annual review of all buildings assessing their useful economic life. In some cases the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these financial statements but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged on the basis that it is not material. The directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be charged. The review is based on the directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements.

When the company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under “Freehold improvements’, its useful life is estimated and it is depreciated over that useful life.

Lancing College exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment. There are also judgements involved when deciding whether an asset should be capitalised on the balance sheet or expensed to the Statement of Financial Activity. This is highlighted in more detail in the accounting estimates and judgements paragrapht below.

m) Financia! Instruments

Lancing College only has financial assets. and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

43 .

LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

n) Investments and Fees in Advance Investments

Investments and Fees in Advance investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Realised and unrealised investment gains and losses are recognised as ‘net gains/(losses) on investment assets’ in the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets.

0) Stocks

Stocks comprise raw materials, consumable stores and. goods held for resale: they are valued at the lower of cost and net realisable value.

p) Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the. period of the lease whichever is the shorter. The interest element of the obligations is charged to the SOFA over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA ona straight line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

q) Fund Accounts

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Resiricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

r) Taxation

Lancing College and its subsidiary Preparatory school are registered charities and as such are exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cosi of assets as appropriate.

The school has a subsidiary trading company that is subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company’s profit for the year and takes into account tax arising because of timing differences between the treatment of certain items for tax and accounting purposes. The subsidiary company distributes the majority of its profits to Lancing College under Gift Aid and tax liabilities are kept to a minimum.

s) Cash flow statement

In accordance with FRS 102, Lancing College Limited has taken advantage of the exemption, under Section. 7 ‘Statement of Cash Flows’ — Presentation of a Statement of Cash Flows and related notes and disclosures, requirement to disclose individual financial statements of Lancing College Limited and Lancing College Preparatory Schoo! at Worthing Limited.

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cashflows.

44

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

Pension scheme deficit reduction payments

As explained at note 32, there is a deficit reduction plan in place in respect of Lancing College’s membership of the Pension Trust's Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rates.

Pension scheme contingent liability

;

As explained at note 35, there is a contingent liability in the event that Lancing College Limited were to withdraw its membership of the Pension Trust's Growth. Plan. The independent qualified actuaries advising the Pensions Trust in respect of the contingent withdrawal. liability exercise significant judgement in determining the amount of that liability. Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates.

Capitalisation of tangible assets

Management exercise judgment in the treatment of tangible assets in the financial statements, either as capital items shown on the balance sheet, with the cost spread over the life of the asset, or recognised in full in the year of purchase in the Statement of Financial Activities. The ability of the asset to add value or generate further income for the College is considered, which often involves judgements to be made in compliance with accounting standards.

u) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Fee debtors are reviewed regularly and bad debt is provided for in line with The Woodard Corporation's group policy.

v) Cash

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

w) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting froma past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Acceptance deposits are paid to the school to secure a place for the child at the school. Deposits held form part of the general funds of the School until the child leaves the school at which point they are credited without interest to the final payment of the fees or other sums due to the School.

Deposits are held as creditors on the balance sheet and are classified as owing within one year and over one year based on when they are expected to be credited against income.

x) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank.

y) FRS 102 Exemptions

As a qualifying entity within the meaning of FRS 102, the charitable company has chosen to take advantage in its financial statements of the following disclosure exemptions:

° Section 11 and section 12 - Financial instruments disclosures.

z) Fee Deposits

Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term’s notice and as such the deposit would be refunded to the parents ai that point. However, the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave the school.

Short term deposits reflect those pupils that will be leaving a school within one year, and the longerterm element reflects those pupils that will be leaving a school after 12 months from the balance sheet date.

45

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

ee

The School fees income comprises:
Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Gross fees 28,111,095 25,744,821 26,788,798 24,689,775
Less: Total scholarships, bursaries, etc. (3,590,912) (3,301,328) (3,344,098) (3,056,565)
24,520,183 22,443,493 23,444,700 21,633,210
Add back Scholarships, Bursaries, Grants
etc. paid for by:
Endowed Funds 45,989 45,989 47,157 47,157
The Lancing College Foundation:
Restricted Funds 510,933 510,933 481,544 481,541
25,077,105 23,000,415 23,973,398 22,161;908

Scholarships, bursaries, staff concessions and sibling dicounts were paid to 447 pupils (2022: 439 pupils). Within this, bursaries totalling £1,984k were paid to 143 pupils (2022: £2,000k to 159 pupils).

Unrestricted Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Extras 493,421 431,614 234,889 233,800
Entrance fees and registration fees 106,156 101,261 114,265 110,290
Commissions 1,111 1,111 13,118 13,118
Other income 18,218 17,718 57,130 30,593
618,906 551,704 419,402 387,801
Restricted Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Contributions to the Chapel Maintenance Fund 51,000 51,000 48,600 48,600
Total 669,906 602,704 468,002 436,401

46

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

4 OTHER TRADING ACTIVITIES

2023 2022
£ £

a) Non-ancillary trading income

The company owns the whole of the share capital of Buxbrass Ltd, which lets the school premises and facilities. Its trading results for the year, as.extracted from the audited accounts, are summarised below:

Turnover 2,770,646 1,528,110
Cost ofsales (1,944,515) (1,184,010)
Gross profit 826,131 344,100
Overheads & administration expenses (304,328) (106,786)
Operating profit 521,803 237,314
Gift Aid donation (525,963) (237,288)
Retainedprofit/(loss) (4,160) 26

The subsidiary donates its taxable profits to the company each year under the Gift Aid scheme. The net assets for Buxbrass Limited at the end of the year was £46,105.

Non-ancillary Trading Income

Non-ancillary Trading Income
Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Non-ancillary trading income
Buxbrass Limited 2,770,646 590,963 1,528,110 262,288
Less: Income eliminated on consolidation (399,837) - (342,888) -
Buxbrass Limited 2,370,809 590,963 1,185,222 262,288
Other activities
Rents receivable 14,814 100,265 24,722 46,910
Interest on overdue fees 19,222 18,648 5,427 5,427
Other 10,614 8,064 - -
2,415,459 717,940 1,215,371 314,625

47

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

.

LANCING COLLEGE LIMITED

4 OTHER TRADING ACTIVITIES (continued)

b) INCOME FROM SUBSIDIARY CHARITY

The company bought the business of Broadwater Manor School, a preparatory school, for nil cost, on 1 January 2014 and formed a new subsidiary charity, Lancing College Preparatory Schoo! at Worthing Limited. lts results for the year, as extracted from the audited accounts, are summarised below:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |£|£| |Income|from|Charitable|Activities| |School|fees|2,076,690|1,811,490| |Ancillary|trading|income|66,402|31,601| |Non-ancillary|trading|income|3,924|11,982| |TOTAL|INCOME|2,147,016|1,855,073| |EXPENDITURE| |Education|and|grant|making|(2,284,974)|(1,977,261)| |Deficit|for the|year|(137,958)|(122,188)|

----- End of picture text -----

The subsidary charity had net liabilities and a deficit on unrestricted funds of £2,389,615 at 31 August 2023.

5 INVESTMENTS - INVESTMENT INCOME

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Group|and|Company| |Unrestricted|2023|2022| |£|£| |Securities|Investment|Income| |Equities|and|Fixed|Interest|21,978|17,628|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |6|INVESTMENTS|-|BANK|AND|OTHER|INTEREST| |Unrestricted|Restricted|Endowed|Group|and|Company| |2023|2022| |£|£|£|£|£| |Bank|interest|351,283|51,536|6,805|409,624|47,400| |Other|interest|-|-|45,989|45,989|47,157| |354,283|51,536|52,794|455,613|94,557|

----- End of picture text -----

48

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

7 VOLUNTARY SOURCES - GRANTS AND DONATIONS

Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Restricted:
Other Donations 943,778 943,778 501,453 501,453
Unrestricted:
Government Grants - CJURS - - 579 579
Other Donations 32,430 32,430 45,818 45,818
976,208 976,208 547,850 547,850

The Coronavirus Job Retention Scheme (CJRS) grant relates to government funding received to cover a percentage, between 60% and 80%, of furloughed staff wages. None of the unrestricted income and. costs in the current year (2022: £579) relate to the CJRS grant. No CJRS grants were claimed relating to government funded contracts where work and government funding has continued. There are no unfulfilled conditions and other contingencies attaching to grants that have been recognised in income. There are no other forms of government assistance from which the charity has directly benefited.

49

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

8 ANALYSIS OF EXPENDITURE
a) Total expenditure Staffcosts Support costs Depreciation Total 2023 Total 2022
(note 10) (note 13)
£ £ £ £ £
Costs of raising funds
Fundraising and development 169,465 43,720 - 213,185 217,225
Financing costs (note 9) - 373,295 - 373,295 151,407
Investment management - 7,965 - 7,965 8,574
Loss on disposal of asset - - - - 3,993
Total for Company 169,465 424,980 - 594,445 381,199
Finance costs of subsidiary - 12,665 - 12,665 11,933
Non ancillary trading costs of 885,880 791,857 6,878 1,684,615 889,987
subsidiaries
Total for Group 1,055,345 1,229,502 6,878 2,291,725 1,283,119
Charitable expenditure
Teaching 9,694,596 1,524,319 288,758 11,507,673 10,966,604
Welfare 1,788,429 1,122,897 56,361 2,967,687 2,738,275
Premises 1,224,998 3,873,885 637,131 5,736,014 5,377,268
School administration and 1,799,642 1,373,717 - 3,173,359 2,750,866
governance
Grants awards and prizes - 5,769 - 5,769 4,974
Movement in pension recovery 18,147 - - 18,147 (159,831)
plan (note 32)
School charitable expenditure 14,525,812 7,900,587 982,250 23,408,649 21,678,156
Expenditure from other funds:
Restricted - 581,612 5,447 587,059 490,452
Endowment - 45,989 - 45,989 47,157
Total forCompany 14,525,812 8,528,188 987,697 24,041,697 22,215,765
Total forSubsidiary 1,563,309 688,337 34,603 2,286,249 1,964,080
Total for Group 16,089,121 9,216,525 1,022,300 26,327,946 24,179,845
Total resources expended
- Company 14,695,277 8,953,168 987,697 24,636,142 22,596,964
-Group 17,144,466 10,446,027 1,029,178 28,619,671 25,462,964

50

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

oe

8 ANALYSIS OF EXPENDITURE (continued)
b) Grants and prizes Group and Company
2023 2022
From unrestricted funds £ £
Prizesandleavingawards 6,088 4,974

c) Governance included in support costs

Lancing College reimburses governors for out of pocket expenses including travel subsistence and accommodation. Expenses of £382 were reimbursed to one director (2022 - £376 to two directors).

2023 2022
Company: £ £
Remuneration paid to auditor for audit services 30,050 24,450
Reimbursement ofpersonal expenses to Governors 544 376
Other Governance costs 230,337 54,385
260,931 79,211
2023 2022
Group: £ £
Remuneration paid to auditor for audit services 41,250 32,400
Reimbursement ofpersonal expenses. to Governors 544 376
OtherGovernance costs 239,200 57,671
280,994 90,447
FINANCING COSTS
Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Fees in Advance debt financing costs 13,156 12,599 19,565 19,108
Lease finance cosis 1,191 1,191 8,238 8,238
Bank interest payable 359,916 344,853 145,522 145,522
Provision forbad and doubtful debts 11,697 14,652 (9,985) (21,461)
385,960 373,295 163,340 151,407

9 FINANCING COSTS

51

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

10 STAFF COSTS
Group Company Group Company
2023 2023 2022 2022
£ £ £ £
Total staff costs comprises:
Wages and salaries 13,744,732 11,681,934 12,377,687 10,853,814
Social security costs 1,403,929 1,173,411 1,275,805 1,138,194
Pension contributions 1,995,805 1,839,932 1,480,427 1,293,484
17,144,466 14,695,277 15,133,919 13,285,492

Included in staff costs are redundancy or termination payments totalling £11,037 (2022: £Nil).

Aggregate employee benefits of key personnel (The Head and Bursar)

2023 2022
484,979 449,644

Number of employees:

The average monthly number of employees calculated on a head count basis during the year was:

Group Company Group Company
2023 2023 2022 2022
Number Number Number Number
Teaching 156 123 151 121
Others 277 233 258 223
433 356 409 344

The number of employees whose annual emoluments were £60,000 or more was:

Group Company Group Company
2023 2023 2022 2022
Number Number Number Number
£60,001 - £70,000 23 23 21 21
£70,001 - £80,000 9 9 5 5
£80,001 - £90,000 3 3 4 4
£90,001 - £100,000 2 1 3 2
£100,001 - £110,000 1 1 - -
£130,001 - £140,000 1 1 1 1
£220,001-£230,000 1 1 1 1

Group contributions of £567,765 (2022: £452,472) and company contributions of £567,765 (2022: £452,472) were made to the Teacher's Superannuation Scheme, which is a defined benefits scheme, for thirty three (2022: 27) higher paid group employees and thirty three (2022: 27) company employees. Contributions amounting to £37,384 (2022: £35,461) were made to a defined contribution scheme for seven (2022: 7) higher paid employees.

52

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

11 DIRECTORS

None of the directors (or any persons connected with them) received any remuneration during the year (2022:Nil). None of the directors received remuneration from Lancing College Limited or from any other connected body. One director received bursary and Scholarship for one pupil of £35,139 in the year (2022: Nil).

  1. TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

53

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

13. TANGIBLE FIXED ASSETS
Company Land and Freehold Work under Motor Computer Fittings and Company
Buildings Improvements Construction Vehicles Equipment Equipment Total
Freehold
£ £ £ £ £ £ £
Cost
At
1 September2022		 20,007,179 1,062,287 - 69,328 2,170,835 §,293,188 28,602,817
Additions 33,991 45,945 154,802 44,940 443,533 443,505 1,166,716
Disposals - - - (13,382) (537,709) - (551,091)
As 31 August2023 20,041,170 1,108,232 154,802 100,886 2,076,659 5,736,693 29,218,442
Depreciation
At 1 September2022 2,278,623 451,164 - 69,328 1,796,764 3,671,915 8,267,794
Charge forthe year 355,009 50,004 - 11,235 233,956 337,493 987,697
On disposals - - - (13,383) (537,708) - (551,091)
At 31 August2023 2,633,632 501,168 - 67,180 4,493,012 4,009,408 8,704,400
Net book value
at 31 August2023 17,407,538 607,064 154,802 33,706 583,647 1,727,285 20,514,042
Net book value
at 31 August2022 17,728,556 611,123 - - 374,071 1,621,273 20,335,023
Group Company Land and Computer Fittingsand Group
Total Buiidings Equipment Equipment Total
Short
Leasehold
Cost £ £ £ £ £
At 1 September 2022 28,602,817 182,619 96,884 488,030 29,370,350
Additions 1,166,716 44,205 45,008 1,255,929
Disposals (551,091) (651,091)
As 31 August 2023 29,218,442 182,619 141,089 533,038 30,075,188
Depreciation
At 1 September 2022 8,267,794 57,746 96,884 287,805 8,710,229
Charge forthe year 987 697 8,213 4,912 28,356 1,029,178
On disposals (551,091) (551,091)
At 31 August2023 8,704,400 65,959 101,796 316,161 9,188,316
Net book value
at 34 August2023 20,514,042 116,660 39,293 216,877 20,886,872
Net book value
at31August2022 20,335,023 124,873 - 200,225 20,660,121

Included in furniture and fittings are assets held under finance lease which have a net book value of £4,348 (2022- £13,879) and depreciation of £4,348 (2022- £5,212) was charged during the year.

Included in computer equipment are assets held under finance lease which have a net book value of £232,998 (2022- £45,869) and depreciation of £66,556 (2022- £55,356) was charged during the year.

All assets are used for charitable purposes other than those relating to the trading subsidiary.

54

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

14 INVESTMENTS
2023 2022
Unrestricted £ £
Group Investments as at 1 September 1,134,123 1,242,614
Reinvested income 21,978 17,628
Investment management fee (7,965) (8,574)
Realised (losses) / gains on investments (27,776) 43,747
Unrealised loss in investments (13,890) (161,292)
Closing market value 1,106,470 1,134,123
Group Investments at 31 August 1,106,470 1,134,123
Investments in subsidiaries 102 102
Company investments at 31 August 1,106,572 1,134,225
Investments. comprise:
Listed investments
Fixed Interest 104,477 200,604
Equities 719,587 816,588
824,064 1,017,192
Alternative investments
Other 254,878 49,861
254,878 49,861
Cash 27,528 67,070
Group Investments at 31 August 1,106,470 1,134,123
Investments in subsidiaries 102 102
Companyinvestmentsat31August 1,106,572 1,134,225

There are no holdings at either year end comprising more than 5% of the total.

The investments held in the Lancing Centenary Endowment Fund and the Lancing College Prize were liquidated to partly fund the acquisition of Newdom Developments (Holdings) Limited and Newdom Developments Limited in prior years. The School was granted an order on 12 July 2012 by the Charity Commission for England and Wales to borrow money and charge property under the power given in sections 105 and 124 of the Charities Act 2011. The loan is for 50 years and is secured against the freehold of the property occupied by Lancing College Preparatory School Hove which was owned by Newdom Developments Limited, but transferred to Lancing College Ltd. Interest is charged at the rate of 3%.

2023 2022
Investments in subsidiaries comprise: £ £
Investment in subsidiary trading company - Buxbrass Ltd 2 2
Investment in Lancing College Prep School atWorthing Lid 100 100
102 102

Lancing College Limited owns all of the share capital of Buxbrass Limited and Lancing College Preparatory

School at Worthing Limited, companies incorporated in England and Wales. Further details are provided in note 33.

55

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

15 DEBTORS

DEBTORS
Group Company
2023 2022 2023 2022
£ £ £ £
Fee debtors 73,076 217,876 66,216 195,988
Trade debtors 221,671 53,557 685 -
Amounts owed by group undertakings - - 3,307,856 2,756,153
Other debtors 22,298 111,239 17,487 108,759
Prepayments and accrued income 1,076,910 496,885 989,199 423,855
1,393,955 879,557 4,381,443 3,484,755

School fee debtors are net of £202,959 (2022: £277,399) provided for doubtful debts.

16 CASH AT BANK BY FUND

CASH AT BANK BY FUND
Group Company
2023 2022 2023 2022
£ £ £ £
Restricted 1,940,303 1,501,914 1,940,303 1,501,914
Unrestricted 10,545,567 10,155,453 9,607,945 9,503,737
Endowed 241,592 196,587 241,592 196,587
12,727,462 11,853,954 11,789,840 11,202,238
CREDITORS: PAYABLE WITHIN ONE YEAR
Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (note 19) 475,887 475,887 475,887 475,887
Net obligations under finance leases (Note 21) 93,197 31,462 78,482 31,462
Deferred consideration offreehold ofthe 59,507 61,009 59,507 61,009
Prep Schoo! Hove
Trade creditors 834,724 544,698 705,595 525,424
Taxes and social security costs 344,309 316,662 285,077 275,155
Advance fees (note 20) 165,858 272,670 165,858 272,670
Other creditors 359,944 289,246 332,380 230,990
Accruais 1,572,346 1,307,553 1,508,269 1,116,264
Final! term deposits 1,634,408 1,154,404 1,557,410 1,088,357
Deferred income - fees received in advance 4,788,824 4,741,412 4,370,050 4,407,296
10,329,004 9,195,003 9,538,515 8,484,511

17. CREDITORS: PAYABLE WITHIN ONE YEAR

Lancing College Limited has a cross guarantee with Buxbrass Limited relating to a Barclays Bank Plc and floating charge.

Other creditors includes £189,776 of pension contributions due as at’ 31 August 2023 (2022: £169,666). Deferred income relates to fees received in advance for the forthcoming academic year, £4,741,412 was released in the year to the Statement of Financial Activities and £4,788,824 was deferred.

56

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

LANCING COLLEGE LIMITED

CREDITORS: PAYABLE WITHIN ONE YEAR (CONTINUED)

Parents pay to the school a deposit in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils all remain in the school (which the vast majority do based on historical information), refundable deposits will be applied as follows;

Group Company
2023 2022 2023 2022
Amounts falling due; £ £ £ £
After 5-years 82,793 87,493 82,793 87,493
Within 2 to 5 years 1,967,514 1,872,879 1,967,514 1,872,879
within 1 to 2 years 632,709 646,032 632,709 646,032
Due after more than 1 year 2,683,016 2,606,404 2,683,016 2,606,404
Due within 1 year 1,634,408 1,154,404 691,248 1,088,357
4,317,424 3,760,808 3,374,264 3,694,761

18 CREDITORS: PAYABLE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank Loans (note 19) 4,401,950 4,877,837 4,401,950 4,877 837
Net obligations under finance leases 126,198 15,531 104,125 15,531
(note 21 )
Final term deposits 2,683,016 2,606,404 2,683,016 2,606,404
Advance fees (note 20) 244,126 381,549 244,126 381,549
Deferred consideration offreehold ofthe 14,647 74,154 14,647 74,154
Prep School Hove
7,469,937 7,955,475 7,447,864 7,955,475

The acquisition of Newdom Developments (Holdings) Limited and Newdom Developments Limited was part funded by an interest freé loan from the vendors which is secured against the freehold of the property occupied by Lancing College Preparatory School Hove. The freehold was owned by Newdom Developments Limited, but transferred to Lancing College Ltd during 2016/17. The final instalment is due in December 2024.

57

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

19 BANK LOAN
Group and Company
2023 2022
£ £
Due After 5 years 2,498,404 2,974,291
Due within 2 to 5 years 1,427,660 1,427,660
Due within 1 to 2 years 475,886 475,886
Due after more than 1 year 4,401,950 4,877,837
Due within 1 year 475,887 475,887
4,877,837 5,353,724

In November 2014 a new £9m loan facility and.£1.5m overdraft facility was agreed with Barclays Bank. A total of £6.4m was drawn down against this facility. This loan is repayable over fifteen years from. September 2018. This loan is secured over the main College buildings, staff accommodation and the Sussex Pad. Loan interest payable is: at the Barclays. bank base rate plus 1.75%.

20 ADVANCE FEES

Parents may enter into a contract to pay school fees in advance; assuming pupils will remain.in the school, advance fees will be applied as follows:

be applied as follows:
Group Company
2023 2022 2023 2022
£ £ £ £
After 5 years 75,696 410,853 75,696 110,853
Within 2 to 5 years 101,268 133,672 101,268 133,672
Within 1 to 2 years 67,162 137,024 67,162 137,024
244,126 381,549 244,126 381549
Within 1 year 165,858 272,670 165,858 272,670
409,984 654,219 409,984 654,219

58

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

The balance represents the accrued liability under the contracts. The movements during the year were:

Group Company
2023 2022 2023 2022
£ £ £
Liabilities at 1 September 654,219 714,378 654,219 714,378
New contracts 68,826 278,703 68,826 278,703
723,045 993,081 723,045 993,081
Amounts utilised in payment offees (313,061) (338,862) (313,061) (338,862)
Amounts repaid - - - -
Liabilitiesat 31August 409,984 654,219 409,984 654,219

21 FINANCE LEASE OBLIGATIONS

Group Company
2023 2022 2023 2022
Amounts falling due: £ £ £ £
After5 years - - - -
Within 2 to 5 years 42,012 6,475 34,654 6,475
Within 1 to 2 years 84,186 9,056 69,471 9,056
126,198 15,531 104,125 15,531
Within 1 year 93,197 31,462 78,482 31,462
219,395 46,993 182,607 46,993

Finance lease agreements relate to specialist infrastructure as well as mechanical and IT equipment which is capitalised and financed and repaid over an average period of 3 years.

59

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

22 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2023 the Group had annual commitments under non-cancellable operating leases as follows:-

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Land|and|Buildings| |2023|2022| |£|£| |Expiry|date:| |Within|one|year|53,765|53,765| |Within|1|to|2|years|53,765|53,765| |Within|2|to|5|years|-|93,765| |107,530|161,295|

----- End of picture text -----

This operating lease relates to.the rental of Lancing College Preparatory School at Worthing's buildings with an extended option to terminate after three years. The rental increased by RPI in 2019 in line with the agreement and £53,765 was paid in the year.

23. SHARE CAPITAL

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Group|and|Company| |2023|2022| |£|£| |Authorised| |100|Ordinary|shares|of £1|each|100|100| |Allotted,|called|up|and|fully|paid| |100|Ordinary|shares|of £1|each|100|100|

----- End of picture text -----

The Company‘s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.

60

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

24 ENDOWED FUNDS

The endowed funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The investments that represented the majority of the funds were liquidated to part fund the acquisition of the freehold of Lancing Preparatory School at Hove. The School was granted an order on 12 July 2012 by the Charity Commission for England and Wales to borrow money and charge the property under the. power given in sections 105 and 124 of the Charities Act 2011. The loan is for 50 years and secured against the freehold property. Interest is being charged at the rate of 3%.

Group and Company Movement in funds
Balance at 1
September Investment Balance at 31
2022 Income Expenditure gains /(losses) Transfer August2023
£ £ £ £ £ £
Endowed Funds 1,999,141 52,794 (45,989) - - 2,005,946
Group and Company Movement in funds
Balance at 1
September Investment Balance at 31
2021 Income Expenditure gains /(losses) Transfer August 2022
£ £ £ £ £ £
EndowedFunds 1,998,555 47,743 (47,157) - ~ 1,999,141

61

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

25 RESTRICTED FUNDS

The income funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at 1
September Investment Balance at 31
2022 Income Expenditure gains /(losses) Transfer August 2023
£ £ £ £ £ £
Chapel Maintenance 30,017 51,697 (42,800) - - 38,914
Woodard Benefit Fund 337 898 401,427 (43,347) - - 395,978
Appeal Donations 4,261,048 893,190 (500,912) - - 1,653,326
Group and Company 1,628,963 1,046,314 (587,059) - - 2,088,218
Movement in funds
Balance at 1
September Investment Balance at 31
2021 Income Expenditure gains (losses) Transfer August2022
£ £ £ £ £ £
Chapel Maintenance 5,880 48,670 (24,533) - - 30,017
Woodard Benefit Fund 251,013 121,102 (34,217) - - 337,898
Appeal Donations 1,308,388 384,362 (431,702) - - 1,261,048
GroupandCompany 1,565,281 554,134 (490,452) - - 1,628,963

The Chapel Maintenance Fund is a fund set up for the day to day maintenance of the Chapel. The fund receives a total of £51,000 per annum split equally from the Friends of Lancing Chapel and the College.

The Woodard Benefit Fund is a fund with a specific purpose of providing bursaries in emergency hardship cases.

Appeal donations relate to funds received for a specific purpose which were predominatly bursaries and scholarships.

62

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

26 UNRESTRICTED FUNDS

The income funds of the group are as follows:

Movement in funds
Balance at 1
September Investment Balance at 31
2022 Income Expenditure gains /(losses) Transfer August 2023
£ £ £ £ £ £
Designated Funds:
Foundation account 1,166,580 34,778 (39,807) (41,666) - 1,119,885
General funds 14,941,405 24,640,972 (23,963,287) - - 15,619,090
Company 16,107,985 24,675,750 (24,003,094) (41,666) - 16,738,975
Subsidiary
Prep school subsidiary (2,251,758) 2,147,016 (2,284,974) - - (2,389,716)
Trading subsidiary 50,627 2,770,646 (2,774,806) - - 46,467
Consolidation adjustments - (1,076,251) 1,076,251 - = -
Group 13,906,854 28,517,161 (27,986,623) (41,666) - 14,395,726
Movement in funds
Balance at 1
September Investment Balance at 31
2021 Income Expenditure gains /(losses) Transfer August 2022
£ £ £ £ £ £
Designated Funds:
Foundation account 1,300,286 46,106 (62,267) (117,545) - 1,166,580
General funds 14,013,507 22,924,986 (21,997,088) - - 14,941,405
Company 15,313,793 22,971,092 (22,059,355) (117,545) - 16,107,985
Subsidiary
Prep school subsidiary (2,129,569) 1,855,073 (1,977,262) - - (2,251,758)
Trading subsidiary 50,601 4,528,110 (1,528,084) - - 50,627
Consolidation adjustments - (639,346) 639,346 - - -
Group 13,234,825 25,714,929 (24,925,355) (117,545) - 13,906,854

The Foundation Account represents unrestricted donations received since the inception of the Development Office in 2005. Expenditure relates to a number of small projects and bursaries.

Lancing College Prep school at Worthing has negative reserves of £2,252k due to historically low pupil numbers and investment in the school. The Directors of Lancing College Limited are fully supportive of the school and are of the opinion that it can be repaid.

63

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

27. ~+ANALYSIS OF NET ASSETS BETWEEN FUNDS ~+ANALYSIS OF NET ASSETS BETWEEN FUNDS
The company’s net assets belong to the various funds as follows:
Net current Long term Total
Fixed assets _ Investments Assets/ Liabilities 2023
(Liabilities)
£ £ £ £ £
Share capital - - 100 - 100
Endowed funds - - 2,005,946 - 2,005,946
Restricted funds - - 2,088,218 - 2,088,218
Unrestricted funds 20,514,042 1,106,572 2,586,938 (7,468,577) 16,738,975
Company 20,514,042 1,106,572 6,681,202 (7,468,577) 20,833,239
Subsidiary companies (Note 33):
Prep school atWorthing 265,151 (100) (2,654,767) - (2,389,716)
Buxbrass 107,679 (2) (61,210) - 46,467
Group 20,886,872 1,106,470 3,965,225 (7,468,577) 18,489,990
Net current Long term Total
Fixed assets Investments Assets/ Liabilities 2022
(Liabilities)
£ £ £ £ £
Share capital - - 100 - 100
Endowed funds - - 1,999,141 - 1,999,141
Restricted funds - - 1,628,963 - 1,628,963
Unrestricted funds 20,335,023 1,134,225 2,629,137 (7,990,400) 16,107,985
Company 20,335,023 1,134,225 6,257,341 (7,990,400) 19,736,189
Subsidiary companies (Note 33):
Prep school atWorthing 212,066 (100) (2,463,724) - (2,251,758)
Buxbrass 113,032 (2) (62,403) - 50,627
Group 20,660,121 1,134,123 3,731,214 (7,990,400) 17,535,058

28 CAPITAL COMMITMENTS

Lancing College has one major capital commitment of £40,000 as at 31 August 2023 (2022: Nil).

64

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

29 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS

INFLOW FROMFROM OPERATIONS Group and Company
2023 2022
£ £
Net income forthe year 954,932 736,297
Adjustments for
Depreciation oftangible fixed assets 1,029,178 1,017,298
(Profit)
/ Loss on sale offixed assets		 (6,944) 3,993
Loss on investments 41,666 117,545
Interest receivable (477,591) (112,185)
Interest payable 385,960 163,340
(Increase) / Decrease
in stocks		 (2,179) 4,518
(Increase) in debtors (514,398) (311,843)
Increase / (Decrease) in creditors 1,171,146 (1,536,502)
Net cash provided by operating activities 2,581,770 82,461
30 ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
£ £
Cash in hand and at bank 12,727,462 11,853,954
Total cash and cash equivalents 12,727,462 11,853,954
31 ANALYSIS OF CHANGES IN NET DEBT
Balance at 31 Cash flows Balance at 31
August 2022 August 2023
£ £ £
Cash and cash equivalents
Cash 11,853,954 873,508 12,727,462
11,853,954 873,508 42,727,462
Borrowings
Loans falling due within one year (475,886) 0 (475,886)
Loans falling due after one year (4,877,837) 475,887 (4,401,950)
Finance lease obligation due within one year (31,462) (61,735) (93,197)
Finance lease obligation due afterone year (15,531) (88,594) (104,125)
(5,400,716) 325,558 (5,075,158)
Total 6,453,238 1,199,066 7,652,304

65

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

32 PENSION SCHEMES

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS’) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,977,551 (2022: £1,820,082) for the school and £2,226,125 for the Group (2022: £2,046,008) and at the year-end £180,316.(2022 - £169,666) was accrued in respect of group contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pénsion benefits are paid by public funds provided by Parliament. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

66

LANCING COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

32 PENSION SCHEMES (Continued)

Pensions Trust Growth Plan

The school participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the school to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for it as a-defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents. issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement’. Therefore the school is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are. legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

Summary of provision for pension deficit recovery plan

Company
2023 2022
£7000 £'000
TPT Retirement Solutions - The Growth Plan 21 35

TPT Retirement Solutions - The Growth Plan Deficit Contributions

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit. contributions

From 1 April 2022 to 31 January 2025:

£3.312m per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions . From . £11.243m per annum (payable monthly and 1 April 2019 to 30 September 2025: increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in. line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value. is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

67

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

32 PENSION SCHEMES (Continued)
Present Values of Provision 2023 2022
£ £
Present value of provision 20,713 34,925
Reconciliation ofopening and closing provisions 2023 2022
£ £
Provision at
1 September		 34,925 194,756
Unwinding ofthe discount factor 1,193 1,106
Deficit contribution paid (15,199) (38,363)
Remeasurements - impact ofany change in assumptions (206) (1,539)
Remeasurements — amendments to the contribution schedule - (121,035)
Provision at 31 August 20,713 34,925
Income and expenditure impact 2023 2022
£ £
Interest expense - unwinding ofthe discount factor 1,193 1,106
Remeasurements - impact ofany change in assumptions (206) (1,539)
Remeasurements - amendments to the contribution schedule - (121,035)
Costs recognised in income and expenditure account - -
Assumptions 2023 2022
% per % per
annum annum
Rateofdiscount 6.04 4.46

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

The following schedule shows the deficit contributions agreed between the company and the scheme at each year end period:

2023 2022
£ £
Year 1 15,199 15,199
Year 2 6,333 15,199
Year 3 6,333
21,532 36,731

68

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

32 PENSION SCHEMES DEFICIT RECOVERY PLAN (continued)

The company must recognisea liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance. sheet liability.

33 SUBSIDIARIES

The Company owns all the share capital of a subsidiary trading company, Buxbrass Limited, registered number 01570797, the results of which are detailed in Note 4 and owns all of the share capital of a charitable subsidiary Lancing College Preparatory School at Worthing Limited, registered number 08808550, registered charity number 1155150, the results of which are also detailed in Note 4.

The registered office address ofall the companies is Lancing College, Lancing, West Sussex BN15 ORW. These companies are consolidated within the Group accounts of Lancing College Limited.

69

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

34 Consolidated Statement of Financial Activities - Comparative figures by fund type
Unrestricted Restricted Endowed Total
Yearended 31 August 2022 Funds Funds Funds 2022
£ £ £ £
Income and endowments from:
Income from Charitable Activities
School fees receivable 23,973,398 - - 23,973,398
Ancillary trading income 419,402 48,600 - 468,002
Other trading activities
Non-ancillary trading income 1,215,371 - - 1,215,371
Investments
Investment income 17,628 - - 17,628
Bank and other interest 42,733 4,081 47,743 94,557
Voluntary sources
Grants and donations 46,397 501,453 - 547,850
TOTAL INCOMING RESOURCES 25,714,929 554,134 47,743 26,316,806
Expenditure on:
Raising funds
Non-ancillary Trading 889,987 - - 889,987
Financing costs 163,340 - - 163,340
Investment management 8,574 - - 8,574
Fundraising and development 217,225 - - 217,225
Other costs 3,993 3,993
TOTAL DEDUCTIBLE COSTS 1,283,119 - - 1,283,119
Charitable Activities
Education and grant making 23,642,236 490,452 47,157 24,179,845
TOTAL EXPENDITURE 24,925,355 490,452 47,157 25,462,964
Net income and expenditure before
transfers 789,574 63,682 586 853,842
Realised gains/(losses) on
investment assets 43,747 - - 43,747
Unrealised gains/(losses) on
investment assets (161,292) - - (161,292)
Net income/(Expenditure) 672,029 63,682 586 736,297
Transfers between funds - - - -
NET MOVEMENT IN FUNDS 672,029 63,682 586 736,297
Fund balances at
1 September 2021		 13,234,825 1,565,281 1,998,555 16,798,661
FUNDBALANCESASAT31AUGUST2022 13,906,854 1,628,963 1,999,141 17,534,958

70

LANCING COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

35 CONTINGENT LIABILITIES

The Company has been notified by the Pensions Trust of the estimated employer debt on withdrawal from the Growth Plan, as outlined in note 32, based on the financial position of the Growth Plan as at 30 September 2016. As of this date the estimated employer debt for the Company was £705,763 including Series 3 liabilities.

The endowed funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The investments that represented the majority of the funds were liquidated to fund the acquisition of Newdom Developments (Holdings) Limited and Newdom Developments Limited. The Schoo! was granted an order on 12th July 2012 by the Charity Commission for England and Wales to borrow money and charge the property under the power given in sections 105 and 124 of the Charities Act 2011. The loan is for 50 years and secured against the freehold property. Interest is charged at the rate of 1% above base rate. The proceeds of the sale of investments were £1 909,985.

36 ULTIMATE CONTROLLING PARTY

The Woodard Corporation is the ultimate controlling party, registered charity number 1096270, company number 0659710, which is incorporated in England and Wales. Copies of the financial statements of The Woodard Corporation can be obtained at the registered office; High Street, Abbois Bromley, Rugeley, Staffordshire, WS15 3BW. The accounts of Lancing College. Limited. are included within the consolidated financial statements of The Woodard Corporation. The Woodard Corporation’s principal activity is to act as holding company for various schools, colleges and academies.

37 RELATED PARTIES

As stated in note 36 Lancing College Ltd is a wholly owned subsidiary of The Woodard Corporation. An amount of £155,201 (2022 - £138,148) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. The Directors of the Company rely upon the assurance of The Woodard Corporation that the levy is a legitimate charge for the Company.

Balance owed from The Woodard Corporation at the year-end is Nil (2022 - Nil).

As stated in note 33 Lancing College Limited controls a subsidiary Buxbrass Limited. An amount of £423,795 was paid to the subsidiary in the year due to the net result of gift aid. The balance owed from Buxbrass Limited at the year-end is £1,186,982 (2022 - £763,187).

As stated in note 33 Lancing College Limited controls a subsidiary Lancing College Preparatory School at Worthing Limited. An amount of £127,879, was paid to the subsidiary in the year. The balance owed from Lancing College Preparatory School at Worthing Limited at the year-end is £2,120,875 (2022 - £1,992,996).

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